In a move reflecting growing celebrity interest in the stock market, Bollywood actress Madhuri Dixit has invested ₹1.5 crore in Swiggy, the food delivery giant, ahead of its highly anticipated initial public offering (IPO). This significant investment comes at a time when Swiggy is preparing to raise over $1 billion (approximately ₹8,389 crore) through its market debut later this year.
Madhuri Dixit and Innov8 founder Ritesh Malik jointly acquired shares worth ₹3 crore, each investing ₹1.5 crore. The transaction took place in the secondary market, where existing investors sell their shares directly to new investors. Dixit reportedly paid ₹345 per share, acquiring a stake in Swiggy just before its IPO. Avendus, Swiggy’s investment banker, facilitated this purchase.
This is not the first instance of high-profile investments in Swiggy. Bollywood legend Amitabh Bachchan also acquired shares in the company earlier, signaling a growing trend among celebrities to diversify their portfolios and tap into lucrative IPOs.
Swiggy has shown remarkable growth in recent years, with its revenue surging by 36% from ₹8,265 crore in FY23 to ₹11,247 crore in FY24. The company has also worked on reducing its losses by 44%, from ₹4,179 crore to ₹2,350 crore, thanks to improved cost management and a focus on operational efficiency. This promising financial performance has heightened expectations for the IPO, with many investors anticipating significant returns, similar to Swiggy’s competitor, Zomato, which saw a 120% rise in its share price post-IPO.
The upcoming IPO is expected to value Swiggy at approximately $1.4 billion. If the public listing is successful, it could mark another milestone for India’s booming food delivery and e-commerce sector.
Celebrity interest in tech startups is becoming a noticeable trend. Amitabh Bachchan’s investment in Swiggy followed his previous successes in the market, and now Madhuri Dixit is joining the ranks of those looking to capitalize on Swiggy’s upward trajectory. This interest isn’t just limited to Bollywood; smaller companies like Modern Insulators and Hindustan Composites have also acquired stakes in Swiggy, signaling broad-based confidence in the company’s future.
Swiggy’s IPO is one of the most anticipated public offerings of the year. With celebrities like Madhuri Dixit and Amitabh Bachchan backing the company, along with promising financial growth, Swiggy is set to make a splash in the market. The investment by these high-profile figures reflects confidence in Swiggy’s business model and its potential for high returns post-IPO.
Credit: This article is based on information from NewsBytes and Benzinga.
Summary:
- Bollywood actress Madhuri Dixit invested ₹1.5 crore in Swiggy ahead of its IPO.
- Swiggy is preparing for a $1.4 billion IPO, with promising financial growth.
- The company’s revenue increased by 36%, and losses were reduced by 44%.
