Funding · Commerce & Consumer Brands

Swiggy raises Rs 10,000 crore via QIP

By Startup Enthusiast · 12 December 2025

What they do

Swiggy is a food delivery and quick commerce platform operating Instamart

It raised Rs 10,000 crore through a QIP at Rs 375 per share, a discount to market price

The funds will expand quick commerce network as competition with Blinkit and Zepto intensifies

Swiggy raised Rs 10,000 crore through a qualified institutional placement (QIP, a sale of shares to big investors) that closed on 12 December 2025.
Shares were allotted at Rs 375 per share, an 11% discount to the BSE closing price of Rs 416.70 on the same day.
The allotment price was nearly 4% below the floor price of Rs 390.51, the minimum allowed under rules.
Domestic investors subscribed to more than 80% of the QIP.
Mutual funds ICICI Prudential, SBI Mutual Fund, and Aditya Birla Sun Life bought 37% of the QIP; ICICI Prudential was the biggest buyer with 16%.
Global investors in the QIP included Temasek, Norway global pension fund, Vanguard, Capital Group, Nomura, and Goldman Sachs.
After the QIP, Swiggy's cash balance is about Rs 15,000 crore.
Swiggy also expects Rs 2,400 crore from the sale of its stake in Rapido.

Swiggy's quick commerce unit Instamart competes with Blinkit (market leader with >50% share), Zepto, BigBasket, Flipkart Minutes, and Amazon Now.
By September 2025, Swiggy had used more than 80% of its IPO proceeds (raised in November 2024) to cover quick commerce losses.
Swiggy's consolidated cash burn was Rs 740 crore in the September quarter, higher than that of Eternal (Zomato+Blinkit).
Blinkit CEO Albinder Dhindsa said in December 2025 that public markets' appetite for quick commerce capital is limited.
Zepto is expected to file confidential IPO papers soon, signalling intense competition for capital.

Swiggy operates a food delivery platform connecting customers with restaurants.
Its quick commerce unit Instamart delivers groceries and essentials in minutes.
Swiggy also offers Dineout for restaurant reservations and dining deals.
The company competes with Zomato, Blinkit, Zepto, BigBasket, Flipkart Minutes, and Amazon Now.
Swiggy's revenue comes from commissions, delivery fees, and advertising.
It operates across India and has a large network of delivery partners and dark stores.

Swiggy plans to deploy Rs 4,475 crore of the QIP proceeds for quick commerce network expansion.
The company expects to receive Rs 2,400 crore from the sale of its Rapido stake.

ICICI Prudential (lead) — ICICI Prudential is a large Indian mutual fund; it was the biggest buyer in the QIP, allocated 16%.
SBI Mutual Fund (participated) — SBI Mutual Fund is one of India's largest asset managers.
Aditya Birla Sun Life (participated) — Aditya Birla Sun Life is a major Indian mutual fund.
Temasek (participated) — Temasek is a Singaporean state-owned investment company.
Norway global pension fund (participated) — The Norway global pension fund is one of the world's largest sovereign wealth funds.
Vanguard (participated) — Vanguard is a US-based investment management company.
Capital Group (participated) — Capital Group is a US-based investment management firm.
Nomura (participated) — Nomura is a Japanese financial services group.
Goldman Sachs (participated) — Goldman Sachs is a US-based global investment bank.

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