In a notable trend that highlights the changing investment landscape in India’s food tech sector, a host of celebrities, including sports icons and entertainment bigwigs, have backed food and grocery delivery disruptor Swiggy through pre-IPO shares in the private market.
About 200,000 shares have already been traded, with celebrities such as cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar and actor and entrepreneur Ashish Choudhury joining the fray, but Swiggy faces stiff competition from rivals such as Zomato and Zepto.
“Swiggy has revolutionised the food delivery industry in India and we will be hugely benefited from being part of the company’s journey. From food delivery to grocery services, the company’s consistent innovation has helped it maintain a competitive advantage in the industry,” said Ashish Choudhury, actor and founder, Disruptive Ventures.
Celebrity backing is nothing new for Swiggy: Bollywood legends like Amitabh Bachchan and Madhuri Dixit Nene, as well as entrepreneurs like Innov8’s Ritesh Malik, have previously invested in the company’s pre-IPO rounds through secondary markets.
The growing interest reflects Swiggy’s impressive growth as one of India’s top tech startups, diversifying beyond food delivery into quick commerce and hyper-local logistics.
Former India cricketer Zaheer Khan emphasised the importance of supporting innovative companies and said, “We strongly believe in backing brands that are shaping the future of urban living and consumer convenience in one of the fastest growing markets in the world.”
The enthusiasm for Swiggy shares among those from the sports and entertainment world points to a broader trend of wealthy people diversifying their portfolios by investing in promising technology startups, the people said.
Experts say pre-IPO investing is particularly attractive because of the potential for big gains once a company goes public. Zomato’s spectacular stock market debut in 2021 and the surge in demand for its shares set a precedent that many investors are seeking to follow.
Swiggy’s upcoming IPO follows a series of successful fundraising rounds, with investments pouring in from global venture capital giants such as SoftBank Vision Fund, Accel and Prosus.
The company has also attracted interest from a range of investors in the secondary market, including Motilal Oswal Financial Services Chairman Raamdeo Agrawal and auto materials maker Hindustan Composites.
