India’s food-delivery giant Swiggy is reportedly preparing to raise up to US$1.5 billion through a Qualified Institutional Placement (QIP) — a move aimed squarely at bolstering its balance sheet and accelerating the expansion of its quick-commerce business, particularly the grocery-fulfilment arm known as Instamart.
The funding intention
Sources familiar with the matter say that Swiggy is considering raising between US$1 billion and US$1.5 billion via the QIP. The objective: strengthen its financial base and gain traction in the fast-growing, ultra-competitive quick commerce segment.
This large infusion of fresh equity could help Swiggy in multiple ways:
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Increase its domestic share
