Swiggy mulls Rs 10,000 cr fund raise via QIP; board to meet on Nov 7 to take a call – News Air Insight

Food delivery and quick commerce company Swiggy is considering raising Rs 10,000 crore via qualified institutional placement (QIP) mode to give itself sufficient growth capital and enhance its strategic flexibility amid a dynamic external competitive environment as legacy and new players continue to attract investments to the sector. Its board of directors will meet on November 7 to mull on the plan.

“The external competitive environment is dynamic, and legacy and new players continue to attract investments to the sector. This has necessitated a conversation with the Board to consider an additional fund raise which will give us access to sufficient growth capital while enhancing our strategic flexibility,” a company filing to the exchanges on Thursday said.

The announcement was made along with Swiggy’s September quarter earnings where it reported a consolidated net loss of Rs 1,092 crore in the September-ended quarter, which was higher than the net loss of Rs 626 crore in the year-ago period. The loss is attributable to the owners of the company.

The losses can be attributed to a significant uptick in the company’s expenses in the quarter under review. They stood at Rs 6,711 crore in Q2FY26, up 56% over Rs 4,309 crore in the year-ago period. On a sequential basis, the expenses grew 7.5% versus 6,244 crore in Q1Fy26. The expenses were incurred under the heads like ‘Purchases of stock-in-trade’, ‘Advertising and sales promotion’, ‘Delivery and related charges’, and finance costs.

The net losses, though, declined sequentially from Rs 1,197 crore in Q1FY26. The revenues increased 12% on a quarter-on-quarter basis compared to Rs 4,961 crore in the April-June quarter.

The company’s revenue from operations in the quarter under review stood at Rs 5,561 crore, which was up 54% year-on-year (YoY) over Rs 3,601 crore in the corresponding quarter of the last financial year.Reflecting on the company’s performance, Co-founder, MD & Group CEO Sriharsha Majety said, “I am very excited about our improved execution muscle, which is visible across the org in multiple ways. Our performance in Food delivery as well as Dineout has been a virtuous cycle, across not just the P&L but on creating new vectors of growth at an unprecedented pace.Food delivery continued its growth trajectory in line with the company’s guidance, even amidst volatile macro-consumption trends and higher-than-usual rainfall, Majety said.

On quick commerce, the CEO said that the company will continue to sweat its already-established dark store footprint (which can support more than 2X the current order base), while adding stores to debottleneck capacity or selectively add coverage in specific hyperlocal zones.

Read more: Swiggy Q2 Results: Cons loss widens to Rs 1,092 crore YoY, but revenue jumps 54%

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)