Big names from entertainment, sports and corporate world are promoting food and grocery delivery disruptor Swiggy through private markets ahead of its IPO despite competition from rivals such as Zomato and Zepto.
In the latest round, Swiggy’s pre-IPO shares have been actively traded in the private market with around 200,000 shares already picked up by high-profile names, deal people said.
Some of the company’s notable investors include cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, studio owner Karan Johar and actor and entrepreneur Ashish Chowdhury. ETMarkets.com
“Swiggy is revolutionizing the food delivery industry in India and being part of its evolution promises great benefits. From food delivery to grocery services, the company’s consistent innovation has played a key role in maintaining a competitive advantage in the industry,” said Ashish Choudhury, actor and founder of Disrptve Ventures. Previously, Swiggy has received investments from Bollywood icons and entrepreneurs Madhuri Dixit Nene, Amitabh Bachchan and Innov8 founder Ritesh Malik, who participated in the company’s pre-IPO round through the secondary market. Swiggy’s rise in the food delivery space has been phenomenal and has established itself as one of India’s top tech startups. Beyond its success in food delivery, Swiggy is evolving into a diversified platform and is exploring new areas such as quick commerce and hyperlocal logistics. “I strongly believe in backing innovative companies with strong business models that have a positive social impact. This investment is not just because of its high growth potential, but also to back a brand that is shaping the future of urban living and consumer convenience in one of the fastest growing markets in the world,” said former India cricketer Zaheer Khan.
“Interest from people in the sports and entertainment world in Swiggy’s pre-IPO shares points to a broader trend of high net worth individuals diversifying their portfolios by investing in technology startups with high growth potential,” said a person familiar with the deal.Swiggy has proven to be a promising destination for investors looking to capitalize in the fast-growing foodtech sector, with its strong market presence and innovative services such as Swiggy Instamart.
Experts say celebrities, in particular, are attracted to pre-IPO investments as they expect big gains once the company goes public.Zomato’s stock market debut in 2021 was met with overwhelming demand, sending its share price soaring upon listing, offering an attractive exit for early investors.
The planned IPO follows a series of successful fundraising rounds by Swiggy, which has attracted investments from global venture capital giants such as SoftBank Vision Fund, Accel and Prosus.
The company has also raised funds through secondary markets, attracting a diverse investor base. Motilal Oswal Financial Services Chairman Raamdeo Agrawal has also bought stakes in Swiggy and auto materials maker Hindustan Composites.
