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The Bengaluru-based startup has garnered immense interest, with prominent investors including Bollywood legends Amitabh Bachchan and Madhuri Dixit Nene, cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, and filmmaker Karan Johar, among others.
NEW DELHI: As Swiggy prepares for its initial public offering (IPO), several high-profile personalities from entertainment, sports, and business have invested in the food and grocery delivery giant.
The Bengaluru-based startup has garnered immense interest, with prominent investors including Bollywood legends Amitabh Bachchan and Madhuri Dixit Nene, cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, and filmmaker Karan Johar, among others.
Jeet Chandan and Meet Jain, co-founders of BizDateUp, one of India’s largest startup ecosystem enablers, also made headlines by acquiring a stake in Swiggy during its pre-IPO round. The investment was secured through an off-market secondary deal, showcasing the strategic confidence in Swiggy’s future.
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The IPO includes a fresh issue of shares worth ₹3,750 crore and an offer-for-sale (OFS) component of 18.53 crore equity shares. Global venture capital firms like SoftBank Vision Fund, Accel, and Prosus are also backing Swiggy, underscoring the company’s growing prominence.
Swiggy’s pre-IPO shares have seen a surge in demand, with approximately 200,000 shares being purchased by well-known personalities.
Swiggy’s IPO comes at a time when India’s food delivery market is projected to surpass ₹2 lakh crore by 2030, growing at a compound annual growth rate (CAGR) of 18%. According to a report, the overall food services market in India, including dining out, food delivery, and non-home-cooked food segments, is expected to double by 2030 to ₹9-10 lakh crore from its current value of ₹4-5 lakh crore.
India’s food delivery industry is dominated by Swiggy and Zomato, commanding over 90% of the market share. As Swiggy moves forward with its IPO, its rival Zomato has already seen its shares soar after a successful public debut in 2021.
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Swiggy’s pre-IPO shares have experienced a sharp rise in the unlisted market. In July, the stock traded at Rs 355, but it has surged by nearly 40% in two months, now valued at Rs 490. This increase has significantly boosted Swiggy’s market value, jumping from Rs 70,000 crore to Rs 1.16 lakh crore over the same period.
With the IPO, Swiggy aims for a valuation of $15 billion, a significant leap from its last funding round in 2022, where it was valued at $10.7 billion.
As Swiggy filed its updated draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on September 26, it marked a key step toward its public debut. With plans to enhance its innovation capabilities and expand its reach, the company is positioning itself as a leader in India’s fast-growing food tech sector.
