The company said it will seek shareholder approval through an extraordinary general meeting (EGM) conducted via video conferencing, as required under Sebi regulations.
War chest for growth and competition
The latest fundraising comes at a time when Swiggy faces renewed pressure from rivals Zepto and Blinkit (Zomato), both of which have intensified their push in India’s 10–15-minute delivery segment. To keep pace, Swiggy is also evaluating a separate capital raise for its quick-commerce arm, Instamart, which has recently been spun off into a standalone subsidiary.
The move is seen as a step toward giving Instamart operational autonomy and attracting dedicated investors focused on the fast-growing instant-delivery space.
According to analysts, the Rs 10,000 crore capital raise will give Swiggy greater financial flexibility to fund aggressive expansion in both its food delivery and Instamart verticals while balancing investments in technology, logistics, and marketing.
Financial performance improving
Swiggy has been showing signs of operational improvement even as it remains loss-making. For the September quarter (Q2FY26), the company reported a net loss of Rs 1,092 crore, narrowing from Rs 1,197 crore in the previous quarter. Revenue from operations rose 54% year-on-year (YoY) to Rs 5,561 crore, while adjusted revenue stood at Rs 5,900 crore, growing 52.6% YoY.
Gross order value (GOV) grew 18.8% YoY and 5.6% sequentially, while the company’s EBITDA loss of Rs 695 crore was better than estimates.
Morgan Stanley maintained its “Overweight” rating on the stock, noting that Swiggy’s EBITDA at Rs 240 crore exceeded projections, reflecting stronger operational efficiency and lower burn.
Brokerages stay positive despite competition
Brokerage Motilal Oswal expects Swiggy’s food delivery business to continue operating in a balanced duopoly with Zomato (now renamed Eternal in research reports), projecting 20–22% GOV growth over FY26–27. It values the food delivery arm at 30x FY27E EBITDA and the quick-commerce vertical at a 0.5x FY27E EV/GMV multiple, about 60% lower than Eternal’s valuation.
“Swiggy remains our preferred pick on relative valuation comfort,” the brokerage said, maintaining a BUY rating with a target price of Rs 550, implying 36% upside from current levels.