Swiggy’s fundraise to bring its reserves closer to Eternal

Swiggy’s plan to raise up to Rs 10,000 crore through a qualified institutional placement is seen by analysts as a measure to build a larger cash buffer in an increasingly crowded quick-commerce market. The move will see its total liquidity rising to nearly Rs 17,000 crore, just a shade lower than rival Eternal’s Rs 18,314 crore.

The proposed fundraise comes barely a year after Swiggy’s Rs 11,327-crore IPO, and also at a time when its balance sheet appears comfortable.