Madhuri Dixit’s ‘Delicious Deal’: Actor Grabs Rs.1.5 Crore Swiggy Shares Before Stock Debut

Actor Madhuri Dixit has recently acquired shares in Swiggy, the popular food and grocery delivery startup, ahead of its upcoming public market debut later this year.

Dixit purchased shares alongside Ritesh Malik, founder of Innov8, which is now part of Oyo.

Together, they invested ₹3 crore, with each contributing ₹1.5 crore.

This investment, made through secondary market transactions facilitated by Swiggy’s investment banker, Avendus, positions them as equal shareholders in the company.

A secondary market transaction involves buying shares directly from existing investors rather than from the company itself.

Dixit paid ₹345 per share for her stake.

Dr. Shriram Nene, Dixit’s husband, typically invests alongside the duo, but he chose not to comment specifically on the Swiggy investment, citing the vibrant and diverse startup ecosystem in India.

‘We moved from the US where the startup ecosystem was booming to India where startups were just beginning to take shape. Madhuri’s work takes her to mass markets and the consumer space. My work is in health, tech and new media. We have a board of statured advisors and our family office is now actively and selectively participating in the unlisted space. In some cases, the involvement is only financial, in other cases, it is more strategic,’ Dr Shriram Nene said in a statement to Moneycontrol.

‘At this point, we would prefer not to name or discuss any specific company, but the startup ecosystem in India is certainly one of the most interesting in the world due to the unique and diverse nature of India’s consumers and markets,’ Nene added, without specifically commenting on the Swiggy investment.

Swiggy, based in Bengaluru, is preparing for a significant $1.4 billion (₹11,664 crore) IPO later this year.

The company's revenue surged by 36% from ₹8,265 crore in FY23 to ₹11,247 crore in FY24, while losses decreased by 44% due to better expense management. In comparison, Zomato, a rival, reported ₹12,114 crore in revenue and a ₹351 crore profit for FY24.

Dixit is the second high-profile Indian celebrity to invest in Swiggy ahead of its IPO.

Amitabh Bachchan also acquired shares in August.

This move comes as investors look for promising opportunities beyond Zomato, which has seen a 120% increase in its stock price year-to-date since its 2021 listing.

Swiggy, which along with Zomato controls about 90-95% of India’s food delivery market, also competes in the burgeoning quick commerce sector with players like Blinkit and Zepto.

Swiggy's valuation in secondary transactions has been estimated at $9-9.3 billion, with projections suggesting a listing valuation of $10-13 billion. For context, Zomato’s market value exceeds $29 billion.

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