Swiggy Moves Closer to INR 10,000 Cr QIP After Shareholder Vote

Food and quick commerce platform Swiggy has received shareholder approval to raise up to INR 10,000 crore through a Qualified Institutional Placement (QIP). This move sets the stage for one of the largest equity fundraises by an internet era company in India.

The approval came through a special resolution at an Extraordinary General Meeting held on December 8, following the board's clearance of the proposal on November 7. According to the company's filing, 99.47 percent of the votes cast supported the plan. With the approval now in place, the issue could be launched as early as this week.

The planned fundraise is expected to strengthen Swiggy's capital position and support expansion across its food delivery operations as well as Instamart, its quick commerce unit.

Competition in the instant grocery space has been rising, with strong pressure from Blinkit and Zepto. To keep pace, Swiggy requires significant investment in warehousing, dark store infrastructure, logistics, and customer acquisition.

Based on the current market price, the fresh issue could lead to more than 10 percent equity dilution for existing shareholders. This will be the company's first major capital raise since its public listing in November 2024, when it secured around INR 4,500 crore.

Swiggy recently reported a 74 percent increase in losses year on year, reaching INR 1,092 crore in the second quarter of the financial year 2026. At the same time, Instamart recorded double the revenue compared to the previous year. The company's operating revenue grew 23 percent to INR 3,760 crore for the quarter, driven by higher order volumes and continued momentum in quick commerce.

The Bengaluru-based firm also exited its investment in Rapido, generating INR 2,399.5 crore and earning more than two and a half times its initial investment. If market conditions allow, the QIP could be launched soon, offering Swiggy the financial capacity to quicken growth even as the resulting dilution may challenge existing retail investors.