Swiggy: India's online food delivery company Swiggy is looking to raise ₹10,000 crore by next week through the qualified institutional placement (QIP) route.

Swiggy is preparing to raise Rs 10,000 crore. Know what the mega plan of the online food delivery company is?

Swiggy: Online food delivery platform Swiggy is preparing to raise ₹10,000 crore (US$1.1 billion) through a qualified institutional placement (QIP). Swiggy plans to raise ₹10,000 crore ($1.1 billion) from institutional investors within the next week.

A source, speaking on condition of anonymity, said the company has shortlisted three banks to manage the share sale – Citigroup Inc. and the Indian units of JPMorgan Chase & Co. and Kotak Mahindra Capital Co. The board also approved a plan on November 7 to raise up to ₹10,000 crore through a qualified institutional placement, which is still pending shareholder and regulatory approval. The timing and size of the deal are still subject to change.

The company posted a loss in the second quarter.

Swiggy reported a loss of ₹1,092 crore in the September quarter of FY2025, significantly higher than the ₹626 crore loss a year earlier. However, the company's operating revenue during this period increased from ₹3,601 crore in the same quarter last year to ₹5,561 crore. Also in September, Swiggy approved the sale of its entire stake in bike-taxi service provider Rapido. The deal was completed for approximately ₹2,400 crore.

Sold his share in Rapido

Three years ago, in April 2022, Swiggy acquired a 12% stake in Rapido for approximately ₹1,000 crore. Last month, Nuvama Institutional Equities said that Swiggy's financial position has been strengthened by approximately ₹7,000 crore in cash, including proceeds from the sale of its Rapido stake. The company is now planning to raise up to ₹10,000 crore through a qualified institutional placement.

Swiggy follows Zomato's path.

Zomato also raised ₹8,500 crore through a qualified institutional placement last year. The company cited the need to increase its cash reserves. Now, Swiggy is poised to follow suit. It is being speculated that this is likely to increase competition between the two companies.