Swiggy raises Rs 10,000 crore via QIP; cash balance now at around Rs 17,000 crore

Swiggy said over 80 investors submitted bids and 61 one of them received allocations of which over 15 are new shareholders.

Food and grocery delivery company Swiggy has completed its Qualified Institutions Placement (QIP) by raising Rs 10,000 crore (around $1.2 billion) from a total of 21 mutual funds, eight domestic insurance companies and close to 50 global investors, the company announced on December 13.

Moneycontrol on December 10 was first to report Swiggy’s QIP had seen strong demand from investors across the board.

From the mutual funds side SBI MF, ICICI Prudential MF, HDFC MF, Nippon India MF, Kotak MF, Mirae MF, Axis MF and Birla MF and others invested monies. On the insurance side ICICI Prudential Life Insurance and HDFC Life Insurance, among others, were key investors.

Capital Group, Government of Singapore (GIC), BlackRock, Nomura Asset Management, Temasek, Fidelity and Goldman Sachs Asset Management among others are the key global investors who participated in Swiggy’s QIP.

"The strong response to our QIP from both global and domestic institutional investors, including new investors since our IPO last year, reflects deep confidence in Swiggy’s business fundamentals, disciplined execution, and long-term value creation roadmap,” Sriharsha Majety, MD & Group CEO, Swiggy Limited, said.

Swiggy said over 80 investors submitted bids and 61 one of them received allocations of which over 15 are new shareholders.

“The additional capital provides us the flexibility to strengthen our core businesses, scale Instamart while maintaining financial prudence, and invest in innovation to continue to deliver unparalleled convenience,” Majety said.

The largest portion of the QIP proceeds—Rs 4,475 crore—will be deployed towards expanding and operating Swiggy’s quick-commerce fulfilment network, including dark stores and warehouses that power Instamart.

Swiggy plans to expand its fulfilment footprint from 5 million square feet as of November 30, 2025, to about 6.7 million square feet by December 2028. Another Rs 985 crore has been earmarked for technology and cloud infrastructure. The filing notes that Swiggy’s current cloud services agreement expires in February 2026, and that the company has entered into a non-binding letter of intent involving a proposed cloud commitment of Rs 1,820 crore over six years, locking in a significant forward technology spend.

Swiggy has also allocated Rs 2,340 crore towards brand marketing and business promotion. The company disclosed that it has already issued purchase orders worth Rs 1,961 crore to marketing agencies for the December 2025–November 2027 period, pointing to sustained high customer acquisition and brand-building spends over the next two years.

Of the $1.2 billion, about $1 billion (Rs 8,800 crore) have come from domestic MFs and the remaining $200 million or so have come from FIIs.

With this Swiggy's cash balance of over Rs 14,000 crore, it has netted around Rs 2,400 crore by selling its stake in Rapido. The balance will now come close to Eternal's balance of Rs 18,314 crore as of Q2FY26. Zepto on the other hand said it had Rs 7,900 crore cash balance