Two of India's most influential figures have quietly acquired stakes in a company poised to redefine the online food delivery landscape. The stakes are high, and the timing is impeccable. What are Amitabh Bachchan and Raamdeo Agarwal seeing that the rest of us aren't?
Bollywood megastar Amitabh Bachchan and financial powerhouse Raamdeo Agarwal, Chairman of Motilal Oswal Financial Services, have discreetly invested in Swiggy, India's largest food tech company. The company, known for its stronghold in the food delivery market, is preparing to launch an Initial Public Offering (IPO) that could set a new benchmark in the Indian tech sector.
Swiggy aims to raise approximately Rs 10,400 crore ($1-2 billion) through this IPO, pushing its valuation to an astronomical Rs 1.25 lakh crore ($15 billion). This will not only make it the biggest IPO in India's history but will also place Swiggy at the forefront of the global food tech industry.
The Bachchan family's office executed the deal by purchasing shares from Swiggy's employees and early investors, marking a significant vote of confidence in the company’s future. Raamdeo Agarwal, who recently invested in a $665 million funding round for Zepto, has also poured a substantial sum into Swiggy, further solidifying his belief in the burgeoning food tech market.
Swiggy's growth has been phenomenal, expanding its services beyond food delivery to include grocery deliveries via Instamart and courier services through Swiggy Genie. With tough competition from Zomato, Swiggy's aggressive expansion and innovative services have positioned it as a formidable player in the market.
The upcoming IPO, backed by the likes of Amitabh Bachchan, Raamdeo Agarwal, and SoftBank's Masayoshi Son, is a testament to Swiggy's ambitious growth plans. The capital raised will fuel its expansion into new markets and enhance its technological infrastructure, setting the stage for a new era in online food delivery.
