SUMMARY
- The family office of renowned actor Amitabh Bachchan has reportedly picked up a minority stake in the foodtech major Swiggy.
- This investment comes when Swiggy is aiming for a $1 billion to $1.2 billion valuation for its IPO.
- The chairman of Motilal Oswal Financial Services, Raamdeo Agrawal, also invested in Swiggy.
The family office of renowned actor Amitabh Bachchan has reportedly picked up a minority stake in the foodtech major Swiggy. This investment comes when Swiggy is aiming for a $1 billion to $1.2 billion valuation for its IPO.
According to a report by ET, Bachchan’s family office secured this stake by purchasing shares held by Swiggy’s employees and its early investors. However, the specific financial terms of this transaction have not been disclosed.
Moreover, it has been reported that the chairman of Motilal Oswal Financial Services, Raamdeo Agrawal, also invested in Swiggy.
This investment presents a promising opportunity for Swiggy, particularly in light of its leading position in the quick commerce sector, having significant investments from major players in the ecommerce industry, including Amazon.
In recent times, Swiggy has been enhancing its position in the quick commerce market, with notable appointments of four new vice presidents across various functional areas. This strategic move aligns with the growing trend among companies from diverse sectors, such as ecommerce, logistics, and food delivery, to expand their offerings in the quick commerce domain.
This trend is driven by the increasing consumer preference for the convenience of shopping groceries and personal grooming services from the comfort of their homes. Companies like Zepto, Instamart (owned by Swiggy), and Zomato-owned Blinkit have been at the forefront of this market, capitalizing on the rising demand.
Swiggy has reported a 24% increase in its revenue for FY23, excluding the impact of mergers and acquisitions, as noted by Dutch investment firm Prosus in its 2024 annual report.
Simultaneously, Swiggy’s quick commerce division, Instamart, has achieved a higher gross operating value (GOV) than that of the ecommerce industry, attributed to its geographical expansion and growth in stock-keeping units.
