Jeet Chandan and Meet Jain, venture capitalist and co-founders of Bizdateup, have acquired a stake in Swiggy, the leading food and grocery delivery platform, during its highly anticipated Pre-IPO round. Highlighting the strategic nature of the transaction, the investment in Swiggy’s pre-IPO was made through an off-market secondary deal. Among the investors are cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, filmmaker Karan Johar, and other prominent celebrities.
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Speaking about the investment, Jeet Chandan, said, “The Indian food services market, particularly in food delivery, has experienced remarkable growth in recent years.” He further added, “As an entrepreneur since the age of 13, I have always been driven by a passion for creating businesses that showcase disruptive potential and significantly impact consumers’ lives. Swiggy’s innovative approach and leadership in the food delivery sector align perfectly with my investment philosophy.”
Current Food Delivery Market Landscape
A recent report indicates that India’s food delivery segment is projected to exceed Rs 2 lakh crore by 2030, growing at a compound annual growth rate (CAGR) of 18%. This growth is complemented by a predicted increase in the share of online services within the food delivery market, expected to rise from the current 12% to 20% over the next seven years. Additionally, the report also states that the overall food services market in India including dining out, food delivery and other non-home-cooked food segments is anticipated to double by 2030, reaching a total value of Rs 9-10 lakh crore, up from the current Rs 4-5 lakh crore.
Investment in Swiggy’s pre-IPO
Swiggy’s pre-IPO round has garnered significant boosting confidence in the company’s potential for continued growth and market leadership. This move is expected to enhance Swiggy’s innovation capabilities as it remains at the forefront of India’s food delivery sector, which has seen rapid expansion in recent years.
Meet Jain added, “The way people eat is changing dramatically today. The rise of appealing, user-friendly apps and tech-enabled driver networks, combined with evolving consumer expectations, has transformed ready-to-eat food delivery into a major category. We believe Swiggy is well-positioned to continue shaping the future of food delivery with its cutting-edge solutions and customer-centric approach.”
