Hindustan Composites Ltd, a manufacturer of automobile materials, has made an investment of Rs 5.17 crore in Swiggy, acquiring 1.5 lakh shares of the food delivery and quick commerce giant. This move aligns Hindustan Composites with other notable investors who have recently taken stakes in Swiggy, which is gearing up for a $1.25 billion initial public offering (IPO). Swiggy has been actively securing investments ahead of its IPO, drawing interest from various high-profile investors.
Actor Amitabh Bachchan’s family office also invested in Swiggy by purchasing shares from employees and early investors. Additionally, Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, has acquired a stake in the Bengaluru-based company. Agrawal is also an investor in Zepto, Swiggy’s competitor in the quick commerce space, participating in Zepto’s $665 million funding round in June. Zepto’s valuation has surged to $5 billion following a recent $340 million funding round.
The secondary share transactions involving Bachchan and Agrawal are believed to have occurred at a valuation of $10-11 billion for Swiggy. In June, investor 360 One WAM valued Swiggy at $11.5 billion, while Swiggy’s last known valuation was $10.7 billion from a funding round in 2022.