Swiggy Ltd traded 1.72% higher at ₹404.90 on Wednesday, Dec 10, after the consumer services major opened its ₹10,000 crore ($1.2 billion) qualified institutional placement (QIP) for subscription, just a day after receiving shareholder approval. The QIP has been launched at a floor price of ₹390.51 per share, reflecting a near 2% discount to the company’s previous close of ₹397.95. Swiggy has also kept the option open to offer an additional discount of up to 5% on the floor price.
A minimum of 10% of the issue has been reserved for mutual funds, with the remaining portion available to all eligible qualified institutional buyers. As expected, a major share of the funds is earmarked for expansion of Instamart, Swiggy’s quick-commerce vertical. The company plans to deploy ₹4,475 crore toward expanding and operating its quick-commerce fulfilment network. Swiggy intends to grow its fulfilment area to 6.7 million sq ft by the end of 2028, up from 5 million sq ft as of November.
The company will additionally allocate ₹2,340 crore for brand marketing and business promotion and ₹985 crore to strengthen its technology and cloud infrastructure. The remaining capital will be used for inorganic growth through potential acquisitions and for general corporate purposes.
The fundraising comes nearly a year after Swiggy raised ₹4,999 crore through a fresh issue in its November 2024 IPO. The company has been investing aggressively over the past fiscal year to scale its presence in the highly competitive quick-commerce market.
It is noteworthy that Blinkit’s parent Eternal also raised ₹8,500 crore (around $1 billion) via a QIP in November. Since then, Blinkit has reported significant acceleration in revenue, posting an 8X year-on-year jump to ₹9,891 crore in Q2 FY26—largely driven by its shift from a marketplace model to an inventory-led model, allowing better control over pricing, margins and stock availability.
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