Madhuri Dixit Invests In Swiggy Ahead of Highly Anticipated IPO

Madhuri Dixit and Ritesh Mailk, founder of Innov8, a co-working space player, have invested Rs 3 crore in Swiggy through the secondary market.

Actress Madhuri Dixit has made a major investment in food delivery giant Swiggy ahead of its upcoming initial public offering (IPO). Madhuri and Ritesh Mailk, founder of Innov8, a co-working space player, have invested a total of Rs 3 crore in Swiggy by pooling Rs 1.5 crore each.

According to a Moneycontrol report, the stake acquisition was done through the secondary market.

The duo had reportedly picked up the shares for Rs 345 each. The transaction was facilitated by Avendus, the investment banker for Swiggy.

Speaking to the news outlet, Madhuri’s husband, Dr Shriram Nene declined to confirm the investment but added, “The startup ecosystem in India is certainly one of the most interesting in the world due to the unique and diverse nature of India’s consumers and markets.”

The latest investment makes Madhuri Dixit the second celebrity investor in Swiggy with Amitabh Bachchan, who picked up a stake in the company in August this year.

Swiggy is reportedly preparing for a massive IPO to raise $1.4 billion (approximately Rs 11,664 crore) in funds.

The company was previously expected to raise Rs 3,750 crore (around $450 million) through a fresh issue. However, the fresh issue size has now reportedly been updated to Rs 5,000 crore (about $600 million), an increase of Rs 1,250 crore or $150 million, as the company readies a cash chest in a highly competitive market.

In all, Swiggy will raise around $1.4 billion, up from $1.25 billion expected previously, through the IPO.

Swiggy’s revenue for FY24 grew 36% year on year to Rs 11,247 crore from Rs 8,265 crore in FY23.

Its losses were lower by 44 %, from Rs 4,179 crore in FY23 to Rs 2,350 crore in FY24, linked to the better control of expenses.

The Indian food delivery market is largely dominated by two players: Swiggy and Zomato which combined hold about 90 to 95% market share in the industry.

Zomato came out with its IPO in 2021.