Swiggy approves Rs 10,000 crore fundraise as quick-commerce battle with Zepto and Blinkit heats up

Food delivery giant Swiggy has cleared a fundraising plan of up to Rs 10,000 crore, through a combination of public or private offerings, including qualified institutional placements (QIP) or other permitted modes. The move, approved by its Board on November 7, is aimed at strengthening its balance sheet and bolstering its position in India’s fiercely competitive quick-commerce and food delivery markets.

The company said it will seek shareholder approval through an extraordinary general meeting (EGM) conducted via video conferencing, as required under Sebi regulations.