Swiggy Closes Rs 10,000 Crore QIP, Boosting Cash Reserves Above Rs 14,000 Crore

Swiggy, the food and grocery delivery giant, announced on December 13th that it has finalized a Qualified Institutions Placement (QIP) to raise Rs 10,000 crore (approximately $1.2 billion). The QIP saw participation from 21 mutual funds, eight domestic insurance companies, and nearly 50 global investors.

Moneycontrol initially reported on December 10th that Swiggy's QIP was experiencing substantial investor demand across various sectors.

Key investors included:

• Mutual Funds:** SBI MF, ICICI Prudential MF, HDFC MF, Nippon India MF, Kotak MF, Mirae MF, Axis MF, and Birla MF.
• Insurance Companies:** ICICI Prudential Life Insurance and HDFC Life Insurance.
• Global Investors:** Capital Group, Government of Singapore (GIC), BlackRock, Nomura Asset Management, Temasek, Fidelity, and Goldman Sachs Asset Management.

Sriharsha Majety, MD & Group CEO of Swiggy Limited, stated that the strong response to the QIP from both global and domestic institutional investors, including new investors since their IPO last year, demonstrates confidence in Swiggy's business, execution, and long-term value creation strategy.

Swiggy reported that over 80 investors submitted bids, with 61 receiving allocations. More than 15 of these are new shareholders. The company intends to use the additional capital to strengthen its core businesses, scale Instamart while maintaining financial prudence, and invest in further innovation.