Swiggy to raise Rs 10,000 crore via QIP next week; shortlists Citigroup, JPMorgan, Kotak Mahindra Capital

Food delivery platform Swiggy is preparing to raise up to Rs 10,000 crore from institutional investors through a qualified institutional placement (QIP) as early as next week, according to a Bloomberg report.

The report said that the company has shortlisted Citigroup India, JPMorgan India, and Kotak Mahindra Capital to manage the share sale.

This move is aimed at strengthening its cash reserves and accelerating expansion across food delivery and quick commerce at a time when competition in India’s instant commerce market is intensifying.

A QIP allows listed firms in India to raise capital quickly from qualified institutional buyers such as mutual funds, banks and insurance companies. Swiggy’s board had first approved the fundraising plan in early November 2025, allowing the company to raise up to Rs 10,000 crore through QIP and other permitted routes, subject to shareholder and regulatory approvals.

The funds are expected to support several priorities. Swiggy plans to expand its quick commerce infrastructure, including dark stores and warehouses, invest in technology and cloud systems, bolster customer acquisition, step up brand marketing, repay or pre-pay borrowings and potentially pursue strategic acquisitions. These steps are intended to strengthen its position against rivals like Zomato’s Blinkit and Zepto as both companies expand aggressively.

The fundraising push also comes at a time when Zepto recently secured $450 million at a valuation of $7 billion, while Blinkit is aiming to scale its dark store network to 3,000 locations by March 2027. The pace of expansion across the sector has created a market environment where deep capital reserves are increasingly seen as essential.