Home / Business and Economy / Swiggy Completes Massive Rs 10,000 Cr Funding
Swiggy Completes Massive Rs 10,000 Cr Funding
14 Dec
Summary
- Swiggy raised Rs 10,000 crore via qualified institutions placement.
- Company's cash balance now stands at approximately Rs 17,000 crore.
- Funds will expand quick commerce and technology investments.
Food and grocery delivery giant Swiggy has finalized a substantial Rs 10,000 crore fundraising round through a qualified institutions placement (QIP). The company reported robust and varied interest from prominent global and domestic institutional investors, including numerous mutual funds and insurance companies. This QIP marks one of the largest transactions in India's consumer-tech sector.
The successful fundraise has significantly bolstered Swiggy's financial standing, with its cash reserves now estimated at Rs 17,000 crore. This infusion of capital provides Swiggy with enhanced financial flexibility to fortify its existing business segments. It will also enable the company to accelerate the growth of its quick commerce division while maintaining fiscal discipline.
Swiggy plans to strategically deploy the majority of the proceeds towards expanding its quick commerce fulfillment network, investing in brand marketing and business promotion, and enhancing its technological infrastructure. The company's leadership expressed strong confidence in its business fundamentals and future value creation roadmap, underscored by the overwhelming investor response.
