Hindustan Composites to pick up stake in IPO-bound Swiggy

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Hindustan Composites to pick up stake in IPO-bound Swiggy - YourStory

Quick Summary:

The friction material manufacturer has agreed to acquire 1,50,000 equity shares in Swiggy for Re 1 each by making an investment of Rs 5.175 crore.

The company competes with the likes of Zomato in the food delivery segment and Zomato-owned Blinkit and Zepto, which raised an additional $340 million at a $5 billion valuation, in the quick commerce space.

Swiggy, in April, had confidentially filed documents for a Rs 10,400 crore IPO with Securities and Exchange Board of India (SEBI).