• Swiggy successfully raised Rs 10,000 crore by issuing equity shares to qualified institutional investors, marking one of the largest QIP fundraises by an Indian startup.
• The company allotted shares at Rs 375 apiece, representing a 3.97% discount to the floor price, attracting strong interest from domestic and global institutions.
• The fresh capital will be used to strengthen Swiggy’s balance sheet and support the growth of Instamart, along with investments in logistics and technology infrastructure.

Food delivery and quick commerce major Swiggy has successfully closed its Rs 10,000 crore qualified institutional placement (QIP), marking one of the largest equity fundraisers by an Indian internet company. The issue was completed on December 12 after strong demand from domestic and global institutional investors.

In a regulatory filing, Swiggy said its Investment and Allotment Committee approved the allotment of 26.66 crore equity shares at an issue price of Rs 375 per share. This price reflects a 3.97% discount to the floor price of Rs 390.51 per share and includes a premium of Rs 374 per share. The company also confirmed that it finalized allocations to qualified institutional buyers and adopted the placement document on the same day.

The fundraising comes shortly after shareholders overwhelmingly approved the proposal. At an extraordinary general meeting held on December 8, over 99% of votes supported Swiggy’s plan to raise up to Rs 10,000 crore through a QIP. The issue opened on December 9, a day after the approval, with the floor price set at Rs 390.51 per share.

Swiggy said the fresh capital will help strengthen its balance sheet and support growth initiatives. A large portion of the funds will be used to expand Instamart, its quick commerce arm, while also investing in logistics capabilities and technology infrastructure.

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The QIP saw strong investor interest. Between December 10 and 11, demand reportedly crossed four times the issue size. Major domestic mutual funds such as SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, and Kotak Mutual Fund participated in the offering. Global investors including Temasek, GIC, and Nomura also subscribed.

Swiggy’s shares rose over 2% on December 9 as the issue opened, reflecting positive market sentiment. With this fundraise, Swiggy joins a small group of internet firms to raise capital at this scale, following rival Zomato’s Rs 8,500 crore QIP last year.