Jeet Chandan and Meet Jain, venture capitalists and co-founders of BizDateUp, a startup ecosystem enabler, have acquired a stake in Swiggy, the leading food and grocery delivery platform, during its highly anticipated pre-IPO round.
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.
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 ₹9-10 lakh crore, up from the current ₹4-5 lakh crore.
Speaking about the investment, Jeet Chandan, said, “The Indian food services market, particularly in food delivery, has experienced remarkable growth in recent years. 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.”
Founded by Jeet Chandan and Co-founded by Meet Jain, BizDateUp is an ecosystem enabler for startups offering comprehensive support services that propel groundbreaking ideas and visionary entrepreneurs to the forefront of their industry.
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.
