Funding · Commerce & Consumer Brands

Swiggy board to consider ₹10,000 crore QIP

By Startup Enthusiast · 30 October 2025

What they do

Swiggy operates food delivery and quick commerce (Instamart) services across India

Its board will meet on November 7, 2025 to consider raising up to ₹10,000 crore via a QIP (qualified institutional placement)

The fundraise aims to strengthen the balance sheet and fuel growth in quick commerce amid intense competition from Zepto and Blinkit

Swiggy's board will meet on November 7, 2025 to consider raising up to ₹10,000 crore (about $1.5 billion) via a QIP (qualified institutional placement, a way for listed companies to sell shares to big investors).
The company currently has about ₹5,300 crore in cash as of June 30, 2025, and after selling its stake in Rapido it will have around ₹7,800 crore.
If the QIP goes through, Swiggy's total liquidity could reach ₹17,000 crore.
Swiggy is also evaluating a separate capital raise for its quick commerce unit Instamart, which is now a standalone subsidiary.
The fundraise is meant to strengthen the balance sheet, provide growth capital for quick commerce, and give strategic flexibility.
After the QIP, Swiggy may transition to an inventory-led model (where it owns and sells goods directly) to increase domestic shareholding.
Swiggy's CFO Rahul Bothra called the fundraise a 'strategic reserve' and said it may be the company's last equity dilution.

Swiggy's cash burn is about ₹1,000 crore per quarter (net loss of ₹1,092 crore in Q2FY26), giving it only 6-7 months of runway without new funds.
Quick commerce rivals have large war chests: Zepto has $900 million in cash, and Eternal (Zomato) has over ₹18,000 crore after its own ₹8,500 crore QIP in 2024.
Swiggy's stock has fallen 10% since its November 2024 listing, and its market cap is around ₹96,000-1,01,600 crore.
The company wants to sweat existing dark stores (which can support 2X current orders) and add new ones selectively to compete with Blinkit's 1,816 stores.

Swiggy is a food delivery and quick commerce platform operating across India.
Its quick commerce unit Instamart delivers groceries and essentials in 10 minutes and is now a standalone subsidiary.
Swiggy also offers Swiggy One (subscription), 99 Store (budget essentials), Bolt (10-minute food delivery), and Max Saver (discounts).
Instamart has over 40,000 SKUs (stock-keeping units, i.e., different products) and has seen three consecutive quarters of >100% growth.
Instamart's average order value is ₹697, the highest in the category.
Swiggy processes over 2 million orders daily and charges a platform fee of ₹15 per order, yielding about ₹3 crore daily revenue.
Swiggy's take rate (commission as a percentage of order value) is 25.8%, up 10 basis points from the previous quarter.
The company's food delivery business has an EBITDA margin of 2.8% (annualised run rate ~₹1,000 crore), with a target of 5%.

Swiggy plans to strengthen its balance sheet and use the funds for growth capital in quick commerce.
It may transition to an inventory-led model after the QIP to increase domestic shareholding.
Instamart aims to reach contribution margin break-even by Q1 FY27 (June 2026).
Swiggy will sweat existing dark stores (which can support 2X current orders) and add new ones selectively.