The family office of actor Amitabh Bachchan has reportedly acquired a minor stake in the eCommerce platform Swiggy. Swiggy is preparing for an initial public offering (IPO) with a target valuation of $15 billion. The deal would make it one of the biggest Indian initial public offerings this year.
This move reflects the growing interest in the quick-commerce sector, driven by the rising demand for rapid delivery services.
This development comes in the wake of reports that Swiggy is preparing for an initial public offering (IPO) with a target valuation of $15 billion.
Apart from Bachchan family’s investment, Raamdeo Agrawal, chairman of Motilal Oswal Financial Services, has also taken a stake in Swiggy.
Swiggy competes with Zomato in India’s online restaurant and cafe food deliveries sector, and both have made major bets on the new so-called quick commerce boom where groceries and other products are being delivered in 10 minutes.
Swiggy received shareholder approval in April for an IPO that would raise to $1.25 billion and its confidential filing is expected to be cleared by the Indian market’s regulator within a month or so.
Following the approval it will file a public prospectus, according to the people, who declined to be named as the matter is private.
The company is targeting a valuation of around $15 billion though the final figure can change, they said.
While the specific financial details of the transaction remain undisclosed, it is described as significant amount and this acquisition highlights the confidence in Swiggy’s business model and future growth prospects.
