Funding · Commerce & Consumer Brands

Swiggy plans ₹10,000 crore QIP

By Startup Enthusiast · 28 November 2025

What they do

Swiggy operates food delivery and quick commerce service Instamart

Its board approved a QIP (share sale to institutions) of up to ₹10,000 crore on 7 Nov 2025

The raise would boost Swiggy's cash to ~₹17,000 crore, helping it compete with Blinkit and Zepto

Swiggy is planning a QIP (qualified institutional placement) of up to ₹10,000 crore.
The board approved the QIP on 7 November 2025, subject to shareholder and regulatory approvals.
The QIP is expected as early as the week starting 2 December 2025.
Banks shortlisted for the QIP include Citigroup India, JPMorgan India, and Kotak Mahindra Capital.
Swiggy also plans to sell its stake in bike taxi startup Rapido.
After the QIP and Rapido stake sale, Swiggy's cash is projected to be around ₹17,000 crore.
Swiggy's current cash in bank is ₹4,605 crore as of 30 September 2025.
The company burnt through more than 80% of its ₹4,500 crore IPO primary capital by that date.

Swiggy and Zepto are locked in a race for the second spot in quick commerce behind Blinkit (Eternal).
Blinkit holds over 50% market share per a BofA September 2025 note, with cash reserves of ₹18,314 crore.
Zepto is also raising funds – it is preparing a confidential filing to raise around ₹4,000 crore.
The combined public market raise target for Swiggy and Zepto is up to ₹15,000 crore.
This tussle is reminiscent of Eternal's ₹8,500-crore QIP coinciding with Swiggy's ₹11,300-crore IPO a year ago.

Swiggy operates food delivery and quick commerce service Instamart.
Quick commerce market share is split: Blinkit >50%, with the rest among Instamart, Zepto, BigBasket, Flipkart Minutes, and Amazon Now.
Swiggy's consolidated cash burn in Q3 FY25 was ₹740 crore.
The company guided Instamart to break even on a contribution basis by June 2026.
Swiggy's IPO price was ₹390 per share; on 27 November 2025 the share price was ₹386.90 on BSE, down 1.4%.
Net average order value (AOV) in quick commerce is in the ₹520-530 range per a Bernstein report.
The quick commerce sector gross order value (GOV) in FY25 was ₹64,000 crore per CareEdge Analytics, estimated to reach ₹2 lakh crore by FY28.