Indian food delivery company Swiggy is preparing one of its largest fundraising moves to date, with plans to raise up to Rs 10,000 crore from institutional investors as early as next week, according to people with knowledge of the discussions. The move signals the Bengaluru-based firm’s attempt to strengthen its balance sheet ahead of an expected public listing and a period of increasing competition in the quick-commerce and food-delivery market.
Sources say Swiggy has shortlisted three banks to guide the transaction: the Indian arms of Citigroup and JPMorgan Chase, along with Kotak Mahindra Capital. These advisors have been working closely with the company since the board cleared the proposal on November 7, allowing Swiggy to pursue a qualified institutional placement of shares. The final size and exact timing of the offering may still shift, depending on market conditions and regulatory clearances.
The proposed fundraising round comes at a time when India’s food-delivery and hyperlocal logistics sector is witnessing aggressive capital deployment from global and domestic players. Swiggy, valued at more than $10 billion in earlier private rounds, has been focusing on improving profitability in its restaurant-delivery business while expanding Instamart, its quick-commerce arm that continues to attract both demand and investment interest.
Analysts note that a Rs 10,000-crore infusion would give Swiggy additional room to invest in logistics, technology infrastructure and market expansion. It would also help bolster its position against chief rival Zomato, which has strengthened its balance sheet through recent profitability improvements and capital-market gains.
Representatives for Swiggy and the involved banks did not immediately comment on the fundraising plans. Market observers expect clearer details once shareholder and regulatory processes move forward, likely placing the company on a closer path toward its long-anticipated public debut.
