Amitabh Bachchan’s family office acquires a stake in Swiggy. Financial details remain undisclosed.
The family office of actor Amitabh Bachchan picked a small stake in quick commerce giant Swiggy, Economic Times reported. Details of the financial transaction remain undisclosed but significant, the report claimed. This comes amid increased interest in quick-commerce industry owing to growing demand for faster delivery services.
Actor Amitabh Bachchan while meeting fans at his residence ‘Jalsa’, in Mumbai.(PTI)
This comes after reports that the company is aiming for an initial public offering (IPO) targeting a valuation of $15 billion. Amitabh Bachchan’s family office picked up the stake by purchasing shares held by the company’s employees and early investors.
The report further stated that Motilal Oswal Financial Services chairman Raamdeo Agrawal picked a stake in Swiggy. Raamdeo Agrawal picked a stake in quick-commerce firm Zepto as well through its $665 million funding. These secondary share sales are believed to have happened by assigning a valuation of around $10-11 billion to the company, the report claimed.
Swiggy IPO
Swiggy is targeting a valuation of approximately $15 billion for its upcoming IPO to raise $1-1.2 billion, news agency Reuters reported citing sources. This would make it one of the largest Indian initial public offerings this year at a time when Swiggy is competing fiercely with Zomato in India’s online food delivery sector and has also ventured into the quick commerce market, delivering groceries and other products in 10 minutes.
