Swiggy Wins Shareholder Approval to Raise Rs 10,000 Crore via QIP
- Swiggy gets shareholder approval to raise Rs 10,000 crore through QIP.
- Funds to fuel food delivery and Instamart expansion amid rising competition.
- Fresh issue may dilute over 10% equity for existing shareholders.
Swiggy has received shareholder approval to raise up to Rs 10,000 crore through a Qualified Institutional Placement (QIP), marking one of the largest equity fundraises by an Indian internet company. The proposal, cleared by the board on November 7, was formally approved during the Extraordinary General Meeting on December 8, with 99.47% votes in favor, according to the stock exchange filing.
With the approval in place, Swiggy can launch the QIP as early as this week. The company plans to use the funds to strengthen its balance sheet and drive growth across its core food delivery business and Instamart, its fast-growing quick-commerce arm. As instant grocery delivery becomes increasingly competitive, with Blinkit and Zepto aggressively expanding, Swiggy aims to invest more in warehousing, dark stores, delivery infrastructure, and customer acquisition.
At current market prices, the fundraising could dilute existing shareholders by more than 10%. This will be Swiggy’s first major capital raise since its IPO in November 2024, when it secured around Rs 4,500 crore.
Financially, the company is in a mixed position. Swiggy reported a 74% rise in losses in Q2 FY26, reaching Rs 1,092 crore. However, Instamart continued its strong momentum, with revenue nearly doubling year-on-year. Overall operating revenue rose 23% to Rs 3,760 crore, supported by higher order frequency and strong demand in quick commerce.
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Swiggy also exited its investment in Rapido recently, earning Rs 2,399.5 crore and securing a return of more than 2.5 times in under four years.
If market conditions remain favorable, the QIP could be launched soon, giving Swiggy the financial strength to scale faster, though existing investors may face dilution.
