Swiggy to raise $1.1 billion via QIP next week: Report

Quick commerce company Swiggy is planning to raise $1.1 billion through a qualified institutional placement, said a Bloomberg report. The report added that the company the QIP could take place by next week.

The Bloomberg stated that Citigroup, JPMorgan Chase and Kotak Mahindra Capital are likely to act as bankers in the proposed share sale. Earlier on November 7, Swiggy’s board of directors approved the scheme for a fund raise of up to Rs 10,000 crore from institutional investors through a QIP placement.