Bachchan family office picks up stake in Swiggy?

Bollywood actor Amitabh Bachchan's family office has picked up a minor stake in the food-delivery and quick-commerce startup Swiggy by purchasing shares from the company's employees and early investors, the Economic Times reported. Amitabh Bachchan's family office and Swiggy did not respond to the report.

New-age startups like Swiggy, which especially focuses on quick commerce, are emerging as the top investment picks for investors, the report said.

The chairman of Motilal Oswal Financial Services, Raamdeo Agrawal, has also picked up a stake in the company at a time when the quick-commerce industry is at a peak when looking at the companies raising funds, said the report. Mr Agrawal also picked up a stake in the quick-commerce competitor Zepto, from its $665 million funding round.

Swiggy IPO soon?

The report also mentioned that the invested amounts are unknown, and these are sizeable cheques for individual investors. Swiggy is said to be preparing for a $1.25 billion initial public offering (IPO).

The secondary share sales are alleged to have happened by assigning a valuation of nearly $10 billion to $11 billion to Swiggy, sources told the newspaper. “Swiggy is in a very advanced stage of going public, while Zepto has outlined plans in the next few years too,” they said.

                                                    (By arrangement with livemint.com)