Madhuri Dixit Drops ₹1.5 Crore on Swiggy Shares Before IPO – What This Means for the Market

Actress Madhuri Dixit has reportedly purchased shares in the food and grocery delivery platform Swiggy before its market debut. According to a report by Moneycontrol, Dixit, along with Ritesh Malik, the founder of Innov8, bought shares from the secondary market.

Innov8, a co-working space platform, is now owned by Oyo Hotels. Dixit and Malik each invested ₹1.5 crore, making a total investment of ₹3 crore. They became equal shareholders in Swiggy. The shares were bought at ₹345 each, and Avendus, Swiggy’s investment banker, facilitated the transaction.

Swiggy has not yet commented on this development, and Mint could not independently verify the report. The investment process described is known as a secondary transaction, where existing shareholders sell their shares to new investors without involving the company.

Bengaluru-based Swiggy is planning to file for its initial public offering (IPO) this week. The company aims to raise $1 billion through the IPO and is waiting for approval from the Securities and Exchange Board of India (SEBI). Details about the size and timing of the IPO are still being finalized.

In FY24, Swiggy’s losses reduced by 43% to ₹2,350 crore due to rapid growth in its food delivery and quick commerce services, including Instamart. The company’s revenue from operations increased by 36% to ₹11,247 crore. Swiggy also reported a total gross order value (GOV) of ₹35,000 crore ($3.5 billion), driven by its 14.3 million monthly transacting users across its various services, including food delivery, dining, and quick commerce.