Bollywood to cricket: Which celebs have lined up for Swiggy's blockbuster IPO

The final size of the IPO could increase by Rs 1,250 crore, bringing the total to Rs 11,664 crore or $1.4 billion, depending on the decisions made at the company's EGM scheduled for October 3.

In Short

• Celebrities flock to Swiggy’s much awaited Rs 10,000 crore IPO
• Bollywood stars, cricketers invest in Swiggy pre-IPO shares
• Rahul Dravid, Amitabh Bachchan among investors in Swiggy IPO

Everyone seems to be eyeing the IPO bandwagon, and it’s not just everyday investors looking to cash in. From Bollywood stars to cricket legends, celebrities are lining up to get a slice of Swiggy’s much-anticipated Rs 10,000 crore IPO.

With Swiggy becoming a household name for food delivery, its success has attracted the attention of many celebrities, not just as customers but as investors.

The IPO is expected to be a big success, especially after Swiggy’s valuation was increased to $13.3 billion by Invesco, a US-based asset management firm, ahead of the market listing.

Celebrities eye Swiggy IPO

Among the investors are cricketers Rahul Dravid, Zaheer Khan, and tennis star Rohan Bopanna, as per media reports Joining them is Bollywood actor and entrepreneur Ashish Chowdhry.

“Swiggy has significantly transformed the food delivery landscape in India, and participating in their evolution promises to be highly lucrative,” Chowdhry told The Economic Times (ET).

He highlighted Swiggy’s consistent innovation, which spans from food delivery to grocery services, as key to its success.

Earlier, Bollywood icons such as Amitabh Bachchan, Madhuri Dixit Nene, and entrepreneur Ritesh Malik, the founder of Innov8, were also reported to have invested in Swiggy through the secondary market. Their involvement signals the growing interest of public figures in backing successful tech startups.

Pre-IPO excitement

Swiggy’s pre-IPO shares have been actively traded in the unlisted market, with approximately 200,000 shares already acquired by high-profile investors. The company’s rise in the food delivery sector, alongside its diversification into quick commerce and hyperlocal logistics, has attracted a lot of interest from those looking to capitalise on its growth.

Zaheer Khan, a former India cricket player, told ET, "I strongly believe in supporting innovative companies with strong business models that positively impact society. This investment isn’t just about high growth potential, but also about backing a brand that’s shaping the future of urban living and consumer convenience in one of the world’s fastest-growing markets."

The excitement around Swiggy’s IPO also follows the success of other tech-driven companies like Zomato, which saw huge demand during its stock market debut in 2021. Zomato's shares surged on listing, providing early investors with significant returns. Many believe Swiggy’s IPO could follow a similar path.

Broader trend of celebrity investments

The involvement of celebrities in Swiggy’s pre-IPO investment rounds points to a growing trend where high-net-worth individuals, including public figures, are increasingly investing in tech startups.

With the food tech sector rapidly expanding, these celebrities are keen to diversify their portfolios with high-growth potential companies.

One of the reasons celebrities are attracted to pre-IPO investments is the potential for significant gains once the company goes public.

By investing before the IPO, these investors have the opportunity to buy shares at a lower price, with the expectation that the value will increase once the company is listed on the stock market.

Swiggy’s journey to becoming a dominant player in the food delivery market has been impressive. The company’s ability to innovate has allowed it to maintain a strong position despite competition from other players like Zomato and Zepto. Over the years, Swiggy has expanded beyond food delivery, launching services such as Swiggy Instamart, which offers quick grocery delivery.

The company’s success has also attracted global venture capital investors, including SoftBank Vision Fund, Accel, and Prosus. Swiggy has raised significant capital through various funding rounds, helping it scale its operations and explore new business verticals.

In addition to the funds raised from venture capitalists, Swiggy has also attracted investment from the secondary market, where shares are traded before the company goes public. This market has seen interest from a diverse group of investors, including Motilal Oswal Financial Services chairman Raamdeo Agrawal and Hindustan Composites, an automobile materials manufacturer.

Swiggy’s IPO is expected to generate massive interest among retail and institutional investors alike. The company plans to raise Rs 10,000 crore, with a fresh issue of Rs 3,750 crore and an offer for sale worth Rs 6,664 crore.

The final size of the IPO could increase by Rs 1,250 crore, bringing the total to Rs 11,664 crore or $1.4 billion, depending on the decisions made at the company’s extraordinary general meeting (EGM) scheduled for October 3.