- Madhuri Dixit and Ritesh Malik each invested ₹1.5 crore in Swiggy, acquiring shares worth ₹3 crore from the secondary market.
- Swiggy plans to raise $1 billion through its IPO and is awaiting approval from the Securities and Exchange Board of India.
Actress Madhuri Dixit and Ritesh Malik, founder of co-working space platform Innov8, have each invested ₹1.5 crore in food and grocery delivery giant Swiggy, ahead of its Initial Public Offering (IPO).
According to a report, the duo acquired shares worth a total of ₹3 crore from the secondary market. The transaction was facilitated by Avendus, Swiggy's investment banker, with Dixit paying ₹345 per share.
Innov8, now owned by Oyo Hotels, is a co-working space platform. The secondary transaction, where existing investors sell their shares to new investors without the company's direct involvement, allowed Dixit and Malik to become equal shareholders in Swiggy.
The IPO, which is expected to raise $1 billion, is pending approval from the Securities and Exchange Board of India (SEBI). Swiggy plans to file for its public offering within the week, though details on the size and timing are still under consideration.
In FY24, Swiggy saw a significant reduction in losses by 43%, totaling ₹2,350 crore, attributed to growth in its food delivery and quick commerce arm, Instamart.
Revenue from operations surged by 36% to ₹11,247 crore, while the company's gross order value (GOV) reached ₹35,000 crore ($3.5 billion), supported by 14.3 million monthly transacting users across its various services including food delivery, dining, and quick commerce. Swiggy has yet to comment on the development.
Edited by Harshajit Sarmah
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Harshajit Sarmah
