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Swiggy targets Rs 100 billion via QIP as losses widen
On November 7, Swiggy’s board approved raising up to Rs 100 billion through a qualified institutional placement (QIP).
Swiggy to raise $1.1 billion from institutional investors
Swiggy Ltd. is preparing to raise as much as Rs 100 billion ($1.1 billion) from institutional investors as early as next week, according to media reports.
The food delivery platform has shortlisted Citigroup Inc., JPMorgan Chase & Co., and Kotak Mahindra Capital Co. to manage the share sale, Bloomberg reported.
On November 7, Swiggy’s board approved raising up to Rs 100 billion through a qualified institutional placement (QIP).
Despite strong topline growth, the company continues to report losses. Swiggy’s net loss for the September quarter widened to Rs 1,092 crore, compared to Rs 626 crore in the same period last year.
Revenue during the quarter rose 54% year-on-year to Rs 5,561 crore, up from Rs 3,601 crore.
Swiggy’s food delivery business reported revenue of Rs 1,923 crore, compared with Rs 1,577 crore a year ago. Its quick commerce vertical saw revenue nearly double to Rs 980 crore from Rs 490 crore in the corresponding quarter last year.
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