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Swiggy Ltd. is preparing to raise as much as ₹10,000 crore ($1.1 billion) from institutional investors as early as next week, according to people familiar with the matter.
Swiggy has shortlisted three banks to manage its planned share sale, the Indian units of Citigroup Inc. and JPMorgan Chase & Co., along with Kotak Mahindra Capital Co. according to people familiar with the matter, who requested anonymity as the details are private.
On November 7, Swiggy’s board approved raising up to ₹10,000 crore through a qualified institutional placement, subject to shareholder and regulatory approvals. The timing and final size of the offering may still change, the sources said. The fundraising move comes as India’s quick commerce sector continues to expand amid rising demand and intensifying competition. Players like Swiggy and Zepto are battling Amazon and Walmart-backed Flipkart to build dense networks of warehouses and delivery fleets capable of ultra-fast delivery across major cities.
With global giants increasing their presence, Indian quick commerce startups are exploring fresh capital options. Last year, Swiggy’s rival Eternal — the parent company of Zomato and Blinkit raised ₹8,500 crore through a qualified institutional placement.
According to Bloomberg, Zepto has also revived its IPO plans that were put on hold earlier this year and is now eyeing a listing between July and September next year, targeting $450–$500 million in fresh equity. Swiggy’s share price is down about 19% over the past year. In Q2 FY26, the company reported a net loss of ₹1,092 crore, widening from ₹626 crore in the same quarter last year.
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