Swiggy Limited has successfully closed its Qualified Institutions Placement (QIP), raising ₹10,000 crore through the issuance of equity shares. The transaction marks one of the largest fundraises in India’s consumer technology sector, attracting a diverse set of global and domestic institutional investors.
Issue Details and Pricing
The QIP opened on December 9, 2025, and concluded on December 12, 2025. Equity shares were issued at ₹375 each, representing a 4% discount to the floor price of ₹390.5 per share, in accordance with SEBI’s ICDR Regulations, 2018. This ranks as the second-largest QIP by a non-banking company in India.
Investor Participation
The placement saw participation from over 80 investors, with 61 allocations made, including more than 15 new investors. The issue attracted a mix of domestic mutual funds, insurance companies, sovereign wealth funds, and foreign institutional investors.
- Mutual Funds: 21 participating funds, including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund, Nippon India Mutual Fund, Kotak Mutual Fund, Axis Mutual Fund, Mirae Asset, and Aditya Birla Mutual Fund.
- Insurance Companies: Eight domestic insurers, including ICICI Prudential Life Insurance and HDFC Life Insurance.
- Global Investors: Approximately 50 global participants, including Capital Group, GIC, BlackRock, Nomura Asset Management, Temasek, Fidelity, and Goldman Sachs Asset Management.
Use of Proceeds
The capital raised will be deployed across multiple strategic areas, including expansion of Swiggy’s quick commerce fulfilment network (dark stores and warehouses), technology and cloud infrastructure enhancement, marketing initiatives, and potential acquisitions. General corporate purposes are also included in the fund allocation plan.
Management Commentary
Sriharsha Majety, Managing Director and Group CEO, highlighted that the strong investor response underscores confidence in Swiggy’s business fundamentals, execution capabilities, and long-term growth strategy. He noted that the additional capital will support scaling core businesses, prudent expansion of Instamart, and continued investment in innovation.
Advisors to the QIP
Kotak Mahindra Capital Company Limited, J.P. Morgan India Private Limited, and Citigroup Global Markets India Private Limited served as Book Running Lead Managers. Cyril Amarchand Mangaldas acted as legal counsel to Swiggy, while AZB & Partners and Latham & Watkins advised the lead managers.
Summary
Swiggy’s ₹10,000 crore QIP demonstrates robust investor confidence and sets the stage for accelerated growth in its quick commerce and technology-driven operations, reinforcing its position in India’s consumer tech ecosystem.
Disclaimer:
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