Swiggy QIP To Begin On December 9
Be alert, investors, Swiggy is once again in the limelight of fundraising! The food and quick-commerce giant will open its Rs 10,000-crore qualified institutional placement (QIP) on December 9, just a day after shareholders gave an overwhelming go-ahead.
One of the largest equity fundraisers in India’s consumer internet space this year, Swiggy is going to fill its war chest for expansion in the areas of food delivery, Instamart, and other fast-growing verticals. Are you prepared to witness the meeting of appetite and opportunity? Keep watching the QIP, this can be a banquet for smart investors or at least a narrative worth following as it unfolds.
Shareholder Approval For Swiggy QIP
- Regulatory filing on December 8 confirmed the special resolution passed at Swiggy’s Extraordinary General Meeting (EGM).
- 76.40% of shareholders participated in the vote.
- 99.47% of votes were in favour of the proposed equity issuance.
Next Steps For The Swiggy QIP
- Swiggy will reach out to long-only funds and global institutional investors.
- Under the resolution, the company can issue equity shares to eligible qualified institutional buyers.
- The maximum raise is Rs 10,000 crore, providing a substantial war chest for expansion across food delivery, Instamart, and other verticals.
Reason For Raising Funds Through Swiggy QIP
The capital boost is not only a sign of Swiggy’s growth appetite but also its intention to be a player in the competition with other players in the quick-commerce industry. The led issue of Rs. 10,000 crore is coming amidst a war between Swiggy Instamart and other companies in the market like Blinkit and Zepto, all trying to win over the consumers in the Indian market, which is the fastest-growing in the world.
Blinkit has announced the closure of the round of funding of Rs 600 crore, while Zepto just came around with $450 million, which shows that this battle is challenging and tough. The fundraising from Swiggy will allow the company to open new stores, increase the number of customers, and at the same time maintain its leading position in the industry. We, the investors, are excited to see this race with high stakes unfold step by step.
Still, we have to be patient, as it promises to be quite savory and heavy in terms of capital!
(With Inputs From Release)
Aishwarya is a journalism graduate with over three years of experience thriving in the buzzing corporate media world. She’s got a knack for decoding business news, tracking the twists and turns of the stock market, covering the masala of the entertainment world, and sometimes her stories come with just the right sprinkle of political commentary. She has worked with several organizations, interned at ZEE and gained professional skills at TV9 and News24, And now is learning and writing at NewsX, she’s no stranger to the newsroom hustle. Her storytelling style is fast-paced, creative, and perfectly tailored to connect with both the platform and its audience. Moto: Approaching every story from the reader’s point of view, backing up her insights with solid facts.
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