Karan Johar, Rahul Dravid and others love Swiggy's ‘highly lucrative’ IPO
Rahul Dravid and Karan Johar are investing in Swiggy's pre-IPO shares, reflecting a trend among high-net-worth individuals diversifying into tech startups.
Several celebrities are investing in the IPO of food delivery platform Swiggy through the unlisted market ahead of its IPO, it was reported. In a recent round, Swiggy's pre-IPO shares actively traded in the unlisted market, with approximately 200,000 shares already acquired by prominent individuals, Economic Times reported citing unnamed people in the know.
"The interest from sports and entertainment figures in Swiggy's pre-IPO shares points to a broader trend in which high-net-worth individuals are increasingly diversifying their portfolios by investing in tech startups with high growth potential," a person aware of the deals said as per the report.
Read more: Sam Bankman-Fried's ex girlfriend Caroline Ellison gets two-year sentence
These investors include cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, Karan Johar and actor as well as founder of Disrptve Ventures Ashish Chowdhry.
"Swiggy has significantly transformed the food delivery landscape in India, and participating in their evolution promises to be highly lucrative. The company's consistent innovation, spanning from food delivery to grocery services, has been instrumental in maintaining its competitive advantage in the industry," Ashish Chowdhry said.
Read more: Hyundai Motor's $3 billion IPO- India's biggest- gets Sebi nod: October launch?
Swiggy has also seen investments from Madhuri Dixit Nene, Amitabh Bachchan, and founder of Innov8 Ritesh Malik in its pre-IPO rounds through the secondary market.
Zaheer Khan said, “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.”
Read more: US accuses Visa of monopolizing debit card swipes, threatening merchants
The IPO has drawn investments from global venture capital giants like SoftBank Vision Fund, Accel, and Prosus and the company has also raised capital through secondary markets. Motilal Oswal Financial Services chairman Raamdeo Agrawal has also acquired a stake in Swiggy.