The Bollywood superstar’s family office Amitabh Bachchan has acquired a small stake in Beater by purchasing shares held by employees of the food delivery and trading company quickly and in advance investorssaid people familiar with the matter.
Motilal Oswal Financial Services Chairman Raamdeo Agrawal also acquired a stake in Swiggy, at a time when fast-paced commerce is at its peak in terms of fundraising.
Interestingly, Agrawal has also acquired a stake in the fast-trading company Zepto Through its $665 million funding round just over a month agosaid people familiar with the matter.
While the amounts invested are not known, these are sizable checks for individual investors, the people told ET.
These secondary share sales are believed to have been done at a valuation of around $10-11 billion for the company, according to people briefed on the matter. Agrawal’s investment in both Swiggy, which runs the Instamart fast-commerce platform, and Zepto underscores the rapid growth of fast-commerce and the potential future market that investors see in the sector.
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Agrawal declined to comment, while Bachchan’s family office did not respond to an email seeking comment. Swiggy did not respond to ET’s query and Zepto declined to comment. Swiggy’s rival ZomatoThe change in trend and the growth of its Blink Fast-trading platforms have put the spotlight on the sector, “which is why investors are making these bets,” says one investor familiar with the matter. “Swiggy is at a very advanced stage of going public, while Zepto has also outlined its plans for the next few years.”
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“Blinkit offers a generational opportunity to participate in the disruption of industries such as retail, food and e-commerce,” said a Motilal Oswal research note on August 2.
Swiggy is lining up for a $1.25 billion IPO.
Mumbai-based Zepto is in the final stages of closing a $300-350 million round at a post-money valuation of $5 billion, bringing its total raised to $1 billion.
Swiggy Investor 360 A WAM‘s had valued Bengaluru-based Swiggy at $11.5 billion As of June, ET reported on August 23 citing an internal memo from 360 One WAM. According to the memo, Swiggy posted revenues of Rs 7,474 crore in the first half of fiscal year 2024.
Secondary transactions are typically done at a discount to the last primary valuation. Swiggy was last valued at $10.7 billion in 2022, but several investors now value it between $11.5 billion and just under $15 billion. The surge in Zomato shares in recent months has contributed to these valuation revisions. Gurugram-based Zomato has a market capitalisation of around $28 billion, of which $15 billion is now attributed to Blinkit.
Read also | Zomato market cap nears $30 billion as Blinkit and Hyperpure show stellar growth
Blinkit continues to expand aggressively as big basket has announced a complete pivot towards fast commerce and Flipkart has started launching its Minutes in New Delhi and Mumbai after Launch of fast trading service in Bengaluru Earlier this month.
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