Following the investment from Amitabh Bachan’s family office, Hindustan Composites has also invested in Swiggy

Hindustan Composite, an auto parts company, has purchased a small stake in Swiggy, the online food delivery service that's preparing for an IPO (Initial Public Offering). This move follows a recent investment by Amitabh Bachchan’s family office in the same Bengaluru-based company.

Hindustan Composite agreed to buy 150,000 shares in Swiggy, investing ₹5.17 crore. The value of Swiggy was reported to be ₹9,810 crore (about $1.18 billion) as of March 2023. Hindustan Composite plans to complete this investment by November 30, 2024, aiming to gain both immediate and future benefits from the deal.

Swiggy is set to raise up to ₹3,750 crore ($450 million) through a new issue of shares and up to ₹6,664 crore ($800 million) through the sale of existing shares in its IPO. The company is expected to submit its IPO draft papers to the Securities and Exchange Board of India (SEBI) soon.

In preparation for the IPO, Swiggy introduced its fifth Employee Stock Option Plan (ESOP) liquidity program in July, valued at $65 million. This program has allowed Swiggy employees to cash out over ₹1,000 crore in ESOPs across five events.

Recently, Swiggy also strengthened its leadership team by appointing new CEO and COO. For the first three quarters of FY24, Swiggy reported a revenue of ₹5,476 crore but incurred a loss of ₹1,600 crore. The company has yet to file its audited results for the full fiscal year.