Quick commerce company Swiggy is planning to raise $1.1 billion through a qualified institutional placement, said a Bloomberg report. The report added that the company the QIP could take place by next week.
The Bloomberg stated that Citigroup, JPMorgan Chase and Kotak Mahindra Capital are likely to act as bankers in the proposed share sale. Earlier on November 7, Swiggy’s board of directors approved the scheme for a fund raise of up to Rs 10,000 crore from institutional investors through a QIP placement.
Why is Swiggy raising funds?
Swiggy’s fundraising plans come as India’s quick commerce sector expands rapidly amid increasing demand and intensifying competition. Startups like Swiggy and Zepto are competing with Amazon and Walmart-backed Flipkart to cover cities with networks of warehouses and fleets, enabling the quick delivery of everything from groceries to electronics.
Indian Q-comm startups are considering raising more funds as competition in the Q-comm space intensifies with the increasing presence of global giants. Earlier last year, Swiggy’s competition, Eternal (Zomato and Blinkit parent company), also raised 8,500 crore via a qualified institutional placement.
Meanwhile, as per the Bloomberg report, another quick commerce platform, Zepto, is also reviving IPO plans shelved earlier this year. According to Bloomberg, it’s seeking to list between July and September next year, targeting $450 million to $500 million in fresh equity, the report said.
Swiggy share price
Swiggy’s share price has fallen about 19 per cent over the last 1 year. In Q2 FY26, Swiggy reported a net loss of Rs 1,092 crore in the second quarter. The loss was wider than Rs 626 crore in Q2 FY25.
The company’s revenue from operations stood at Rs 5,561 crore, representing a 54.4% year-over-year (YoY) increase from Rs 3,601 crore.
