Swiggy plans big fundraise to stay ahead in the delivery game
Swiggy is gearing up to raise ₹10,000 crore next week through a qualified institutional placement (QIP)—basically, selling shares to big investors.
The move got board approval on November 7 and now just needs the green light from shareholders and regulators.
Big names like the Indian units of Citigroup, JPMorgan, and Kotak Mahindra Capital Co. are handling the process, but so far, everyone's keeping things under wraps.
Why this matters: Instamart vs. rivals & Swiggy's money crunch
This fresh funding is all about helping Swiggy Instamart compete with fast-growing rivals Zepto and Blinkit, who've also raised new cash recently.
Swiggy wants to boost its market position and may even shift its business model to keep up with changing rules.
While revenue jumped 54% last quarter, losses also grew—so this cash infusion is key for staying strong in the long run.