Lion’s share of Swiggy’s IPO proceeds to bulk up Instamart dark store count

The updated prospectus filed by Swiggy on Thursday for its initial public offering (IPO) throws light on the Bengaluru-based company’s plans to continue investing heavily in its quick commerce vertical Instamart.

A bulk of the fresh capital proceeds from the IPO – Rs 982 crore – is expected to be deployed towards the expansion of Instamart’s dark store footprint.