Mumbai, 30th September 2024: Jeet Chandan and Meet Jain, venture capitalist and co-founders of Bizdateup, one of India’s largest startup ecosystem enablers, have taken a bold step by acquiring 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 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.
(L to R) Jeet Chandan and Meet Jain
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 Highlights
This strategic investment underscores Jeet and Meet’s commitment to backing high-growth sectors. As key players in the startup ecosystem through BizDateUp, they have played a significant role in supporting startups across various industries. Their stake in Swiggy further cements their standing as visionary entrepreneurs and astute investors in the fast-evolving tech landscape.
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.
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.”
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.”
About BizDateUp Technologies
Founded by Jeet Chandan and Co-founded by Meet Jain, BizDateUp is amongst the largest ecosystem enablers for startups offering comprehensive support services that propel groundbreaking ideas and visionary entrepreneurs to the forefront of their industry. With a steadfast commitment to nurturing a culture of innovation, BizDateUp empowers startups to challenge conventions, pioneer new solutions, and drive meaningful change in their respective fields.
In the fiscal year of 2023-24, BizDateUp showcased remarkable growth and impact. Successfully funding over 25 startups, raising a $10 million fund, and engaging with more than 1000 active angel investors, the organization solidified its position within the ecosystem.
Notably, BizDateUp achieved an impressive average return of 3.5X, demonstrating its ability to identify and support high-growth ventures. Through strategic investments, mentorship, and networking opportunities, BizDateUp continues to fuel the growth and success of the startup and investor community, fostering a vibrant ecosystem.
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