ICICI Prudential AMC alone was allotted about 16% of the issue through 12 of its schemes. SBI Mutual Fund accounted for around 15% via eight schemes, while Aditya Birla Sun Life Mutual Fund received close to 6% through 10 schemes. Combined, the three fund houses took more than 37% of the placement, making them the single largest investor group in the transaction.
The heavy mutual fund participation came as Swiggy wrapped up one of the largest capital-raising exercises in India’s consumer tech space. The Bengaluru-based company raised Rs 10,000 crore through the QIP, which opened on December 9 and closed on December 12.
Shares were issued at Rs 375 apiece, a 4% discount to the floor price of Rs 390.5, in line with Sebi regulations. The deal ranks as the second-largest QIP ever by a non-banking company in India.
Beyond the big three domestic fund managers, the QIP drew interest from a wide spectrum of investors. In total, more than 80 institutions participated, with allocations made to 61 investors. Swiggy said over 15 of these were new shareholders, indicating incremental institutional interest even after the company’s IPO last year. Altogether, 21 mutual funds took part in the issue, including all of the top 10 fund houses in the country.
Insurance companies were also well represented, with eight domestic insurers participating, including ICICI Prudential Life Insurance and HDFC Life Insurance.
On the global side, the QIP attracted sovereign wealth funds, large foreign institutions and asset managers such as Capital Group, Government of Singapore Investment Corporation, BlackRock, Nomura Asset Management, Temasek, Fidelity and Goldman Sachs Asset Management.For Swiggy, the fundraise significantly strengthens its balance sheet at a time when competition in food delivery and quick commerce remains intense. The company said the proceeds will be used to expand and operate its quick commerce fulfilment network, including investments in dark stores and warehouses.
A portion of the capital will also go toward technology and cloud infrastructure, brand marketing and promotion, as well as potential inorganic growth opportunities and general corporate purposes.
Management has positioned the QIP as a growth-enabling move rather than a defensive one. Chief executive Sriharsha Majety said the response from both global and domestic investors reflects confidence in Swiggy’s fundamentals and long-term roadmap.
With mutual funds taking such a large share of the issue, the transaction also signals growing domestic institutional ownership in India’s listed consumer internet companies, a trend that has been strengthening as local savings increasingly flow into equity markets through mutual funds.