Swiggy IPO: Madhuri Dixit invests ₹1.5 crore, picks up stake ahead of market debut, says report

Actress Madhuri Dixit has reportedly bought shares of food and grocery delivery platform Swiggy before its debut in the stock market.

Dixit and Ritesh Malik, founder of Innov8, purchased the shares from the secondary market, according to a report by Moneycontrol, citing people familiar with the matter.

Innov8 is a co-working space platform which is now owned by Oyo Hotels.

Both Dixit and Malik have purchased shares worth ₹3 crore from the secondary market, the minimum investment size. The report said that they have invested ₹1.5 crore each and become equal shareholders in Swiggy.

The report added that Avendus, an investment banker of Swiggy, enabled the secondary transaction. Dixit has paid ₹345 for each share of Swiggy.

Mint could not independently verify the report. Swiggy is yet to comment on the development.

When an existing investor sells their share of a company to a new investor without the need for the company's involvement, it is known as a secondary transaction.

According to a Bloomberg report citing people familiar with the matter, Bengaluru-based Swiggy plans to file publicly for its initial public offering by this week.

Swiggy to raise $1 billion through IPO

Swiggy wants to raise $1 billion through its IPO and is awaiting approval from the Securities and Exchange Board of India. The report added that further details of the proposed listing, such as size and timing, are still being considered.

In FY24, Swiggy's losses decreased by 43 per cent to ₹2,350 crore due to quick growth in its food delivery and quick commerce arm, Instamart.

Revenue from operations rose by 36 per cent to ₹11,247 crore in FY24. Swiggy reported a total gross order value (GOV) of ₹35,000 crore ($3.5 billion), driven by its 14.3 million monthly transacting users in all its verticals, including food delivery, dining, and quick commerce, as Mint reported on September 4.