Madhuri Dixit is investing in Swiggy ahead of its much-awaited IPO

Madhuri Dixit and Ritesh Mailk, founders of co-working space player Innov8, have invested Rs 3 crore in Swiggy through the secondary market.

Actress Madhuri Dixit has made significant investments in food delivery giant Swiggy ahead of its upcoming initial public offering (IPO). Madhuri and Ritesh Mailk, founders of co-working space player Innov8, have invested a total of Rs 3 crore in Swiggy, combining Rs 1.5 crore each.

According to A Money control report, the shares were purchased on the secondary market.

According to reports, the duo bought shares of Rs 345 each. The transaction was led by Swiggy’s investment banker Avendus.

Speaking to a news portal, Madhuri’s husband Dr Shriram Nene declined to confirm the investment, but added: “India’s startup ecosystem is certainly one of the most interesting in the world due to the unique and diverse nature of Indian consumers and markets.”

The latest investment makes Madhuri Dixit the second celebrity investor in Swiggy, alongside Amitabh Bachchan, who took up stake in the company in August this year.

Swiggy is reportedly gearing up for a massive IPO that is expected to raise funds worth $1.4 billion (approximately Rs 11,664 crore).

Earlier, the company was expected to raise Rs 3,750 crore (around $450 million) through fresh issue. However, according to reports, the new issuance size has now been updated to Rs 5,000 crore (around $600 million), an increase of Rs 1,250 crore or $150 million, as the company prepares its cargo box in a highly competitive market.

In total, Swiggy will raise about $1.4 billion in the IPO, up from $1.25 billion expected earlier.

Swiggy’s revenue for FY24 grew 36% year-on-year to Rs 11,247 crore from Rs 8,265 crore in FY23.

The company’s losses were lower by 44%, from Rs 4,179 crore in FY23 to Rs 2,350 crore in FY24, due to better expense control.

The Indian food delivery market is largely dominated by two players: Swiggy and Zomato, who together hold around 90-95% of the market share in the industry.

Zomato debuted on the stock exchange in 2021.