Restaurant India News: Swiggy Shareholders Approve Plan to Raise Up to ₹10,000 Crore via QIP

Food and grocery delivery platform Swiggy said on Monday that its shareholders have approved a proposal to raise up to ₹10,000 crore through a qualified institutional placement (QIP). The approval was granted via a special resolution during the company’s first extraordinary general meeting of FY26, held through video conferencing.

According to a regulatory filing, 99.47% of votes were cast in favour of the fundraising plan, while 0.52% voted against it. Swiggy’s board had cleared the proposal last month. A QIP allows listed companies to raise capital by issuing shares to institutional investors such as mutual funds and insurance firms. Swiggy plans to use the funds to expand its quick-commerce (q-commerce) operations and strengthen its balance sheet.

The move comes amid rising competition in the instant grocery delivery segment. Rival Zepto recently closed a $450 million funding round at a $7 billion valuation and converted into a public company ahead of its planned market debut. Blinkit, aiming to open 3,000 dark stores by March 2027, received ₹600 crore from parent company Eternal, while BigBasket’s consumer arm Innovative Retail raised ₹200 crore in debt from DBS Bank.

Swiggy CFO Rahul Bothra said after the company’s Q2 FY26 results that the QIP proceeds would serve as growth capital and that Swiggy does not expect to raise further funds after this round.

In Q2 FY26, Swiggy reported a net loss of ₹1,092 crore, compared to ₹626 crore a year earlier, even as revenue rose 54% year-on-year to ₹5,561 crore, driven by growth in food delivery and grocery operations.