Amitabh Bachchan's family office invests in Swiggy

In a strategic move, Amitabh Bachchan's family office has acquired a minority stake in food delivery and quick commerce app Swiggy, reports suggest. This investment comes at a time when the quick commerce sector is experiencing unprecedented growth, driven by consumers' increasing demand for faster delivery services.

Bachchan's family office purchased shares from Swiggy's employees and early investors, signaling a vote of confidence in the company's growth potential. This move is expected to intensify competition in the quick commerce space, with Swiggy going head-to-head with rivals Zomato and Zepto.

Experts predict that this investment will  put the spotlight on Swiggy's upcoming initial public offering (IPO), which is expected to be one of the biggest Indian IPOs this year. Swiggy's valuation stood at a whopping $15.1 billion in March 2024, driven by the growth of its grocery service segment, Instamart.

Interestingly, billionaire Raamdeo Agrawal, chairman of Motilal Oswal Group, has also invested in Swiggy, despite having previously backed its competitor Zepto in July. SoftBank-backed Swiggy is targeting a valuation of around $15 billion for its IPO, aiming to raise $1-1.2 billion.

Swiggy received shareholder approval for its IPO in April, which could raise up to $1.25 billion. The company's confidential filing is expected to be cleared by the Indian markets regulator soon. While Swiggy declined to comment on "market speculation," its last funding round in 2022 valued the company at $10.7 billion.

With this investment, Swiggy plans to expand its quick commerce Instamart business and open more warehouses to better compete with Zomato, whose shares have more than doubled since listing in 2021, giving it a market valuation of around $28 billion.

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