Amitabh Bachchan's family office acquires minority stake in Swiggy: Report

Bollywood superstar Amitabh Bachchan's family office has reportedly acquired a minority stake in food delivery major Swiggy ahead of its proposed IPO launch.

According to an ET report, the family office purchased shares held by the company's employees and early investors.

While the financial details of the transaction remain undisclosed, the report described it as 'significant'.

Raamdeo Agrawal acquires stake in Swiggy

The report said that 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 

The development comes in the wake of reports that Swiggy is preparing 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.

In addition to competing in the food delivery segment, Swiggy also rivals Zomato-owned Blinkit and Aadit Palicha-led Zepto in the rapidly growing quick-commerce sector.

Earlier this month, YourStory reported that Swiggy will file its Draft Red Herring Prospectus (DRHP) with SEBI as early as the first week of September 2024.

The Draft Red Herring Prospectus is an initial document filed with regulatory bodies by a company intending to launch an Initial Public Offering (IPO) or a public issue.

The document contains essential information about the company's business, operations, financial performance, and prospects.