Bollywood superstar Amitabh Bachchan’s family office has reportedly acquired a minority stake in the food delivery major. Beater ahead of its proposed IPO launch.
According to an ET report, the family office bought shares that were held by employees and early investors in the company.
Although the financial details of the transaction remain undisclosed, the report describes it as “significant.”
Raamdeo Agrawal acquires stake in Swiggy
The report said Motilal Oswal Financial Services chairman Raamdeo Agrawal also acquired a stake in Swiggy at a time when its competitor Zomato reached a valuation of over $27 billion in the public markets.
Swiggy IPO
This development comes in the wake of reports that Swiggy is gearing up for an initial public offering (IPO) with a target valuation of $15 billion, which is significantly higher than Zomato’s valuation at the time of its IPO.
Apart from competing in the food delivery segment, Swiggy is also rivalling Zomato-owned Blinkit and Aadit Palicha-led Zepto in the fast-growing express commerce sector.
Earlier this month, YourStory reported that Swiggy will file its draft Red Herring Prospectus (DRHP) with SEBI from the first week of September 2024.
He Red Herring Prospect Project is an initial document filed with regulatory bodies by a company intending to launch an Initial Public Offering (IPO) or public issue.
The document contains essential information about the company’s business, operations, financial performance and prospects.
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