August 28, 2024 12:32 PM
Amitabh Bachchan's family office acquires stake in Swiggy; financial details not disclosed.
Actor Amitabh Bachchan's family office has acquired a small stake in quick commerce giant Swiggy, The Economic Times reported. Details of the financial deal were not disclosed but the paper claims it is significant. This comes amid growing interest in the quick commerce industry due to the growing demand for faster delivery services.
Actor Amitabh Bachchan meets fans at his 'Jalsa' residence in Mumbai. (PTI)
This comes after reports that the company was seeking an initial public offering (IPO) targeting a valuation of $15 billion. Amitabh Bachchan's family office acquired the stake by buying shares held by the company's employees and early investors.
Additionally, Motilal Oswal Financial Services Chairman Raamdeo Agrawal has reportedly acquired a stake in Swiggy. Raamdeo Agrawal also acquired a stake in quick commerce company Zepto through the company's $665 million fund. This secondary share sale is believed to have been done by giving the company a valuation of around $10-11 billion, the report claims.
Swiggy IPO
Swiggy is seeking a valuation of $15 billion in its upcoming IPO and plans to raise $1 billion to $1.2 billion, Reuters reported, citing people familiar with the matter. Swiggy, which is competing fiercely with Zomato in India's online food delivery sector and has also expanded into the quick commerce market, delivering groceries and other goods in 10 minutes, would be one of India's biggest IPOs this year.
News / Business / Amitabh Bachchan's family office buys Swiggy stake amid rapid business frenzy
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