Indian food delivery major Swiggy Ltd. is gearing up to raise up to INR100 billion ($1.1 billion) from institutional investors as early as next week, according to people familiar with the development. The Bengaluru-based company has shortlisted three investment banks — Citigroup India, JPMorgan India, and Kotak Mahindra Capital — to manage the proposed share sale.
The fundraise will be executed through a Qualified Institutional Placement (QIP), approved by Swiggy’s board on November 7, pending shareholder and regulatory clearances. However, the final timing and quantum of the transaction may still shift, sources said.
Swiggy’s latest capital-raising effort comes amid a rapid expansion of India’s instant commerce market, where demand for ultra-fast delivery continues to surge. The company is locked in competition not only with well-funded startups but also global giants such as Amazon and Flipkart, all racing to scale dark-store networks and hyperlocal fleets to capture consumer spending.
The move follows Swiggy’s USD1.3 billion IPO in November 2024, one of India’s largest listings that year, which was oversubscribed more than three times. However, its stock has since slipped around 30% in 2025, pressured by intensifying price wars reminiscent of the deep-discount battles seen in China among players like Meituan, JD.com and Alibaba.
Rival Eternal Ltd. (formerly Zomato) raised INR85 billion via QIP last year, while quick-commerce competitor Zepto has revived IPO plans, aiming for a July–September listing and targeting USD450–500 million in fresh equity.
Swiggy, Citigroup, JPMorgan and Kotak Mahindra Capital declined to comment on the fundraising plans.
