Swiggy plans $1.1 billion QIP to tackle rising competition
Swiggy is looking to raise a massive ₹10,000 crore (about $1.1 billion) through a qualified institutional placement (QIP), with the board set to discuss it on November 7.
Even though Swiggy says it's "well-funded," the company feels extra capital is key to keeping up as competition heats up—think legacy and new players all vying for your next meal order.
Fresh funding could help Swiggy stay ahead of the curve
This fresh funding could give Swiggy more flexibility and help it handle industry challenges better.
The company has been working hard on profitability: losses dropped from ₹3,628.6 crore in FY22 to ₹2,076.7 crore in FY23, while revenue jumped from ₹5,706 crore to ₹8,509 crore.
With rivals raising big money too, Swiggy wants to make sure it doesn't fall behind in the ever-changing food and grocery delivery game.