Swiggy mulls Rs 10,000 cr fund raise via QIP; board to meet on Nov 7 to take a call

Food delivery and quick commerce company Swiggy is considering raising Rs 10,000 crore via qualified institutional placement (QIP) mode to give itself sufficient growth capital and enhance its strategic flexibility amid a dynamic external competitive environment as legacy and new players continue to attract investments to the sector. Its board of directors will meet on November 7 to mull on the plan.

“The external competitive environment is dynamic, and legacy and new players continue to attract investments to the sector. This has necessitated a conversation with the Board to consider an additional fund raise which will give us access to sufficient growth capital while enhancing our strategic flexibility,” a company filing to the exchanges on Thursday said.