Swiggy eyes Rs 10,000-crore QIP amid expanding losses, strong revenue growth

Online food and grocery aggregator Swiggy Ltd plans to raise up to Rs 10,000 crore through a qualified institutional placement (QIP).

In its exchange filing, the company said its board has proposed issuing equity shares in one or more tranches to eligible investors, subject to approval at the upcoming general meeting.

Swiggy’s proposed fundraise comes as rivals Zepto and Eternal also look to bolster business operations with fresh capital. Recently, Zepto raised $450 million to strengthen its 10-minute delivery play. Last year, Eternal mobilised Rs 8,500 crore via QIP to support its balance sheet and expand its food delivery and quick commerce businesses.

Swiggy’s consolidated net loss widened to Rs 1,092 crore in Q2 FY26, compared to Rs 626 crore a year earlier. The company had posted a net loss of Rs 1,197 crore in the June 2025 quarter.

Consolidated revenue in Q2 FY26 rose 54.4% YoY to Rs 5,561 crore, from Rs 3,601 crore a year ago, and grew 12.1% QoQ from Rs 4,961 crore in the June quarter.

Instamart, Swiggy’s 10-minute delivery vertical, reported 108% YoY GOV growth (24.2% QoQ), reaching Rs 7,022 crore. The company added 40 new dark stores, taking the network to 1,102 stores across 128 cities, covering 4.6 million sq. ft. Average order value rose 39.7% YoY to Rs 697, according to the filing.

Swiggy doubled its advertising and sales promotion spending to Rs 1,039 crore in Q2 FY26, up from Rs 537 crore in the same quarter last year, as it continued aggressive brand investments across food delivery and Instamart. Marketing expenditure was largely flat sequentially versus Rs 1,036 crore in Q1 FY26.

Total expenses rose to Rs 6,711 crore, versus Rs 6,244 crore in the previous quarter and Rs 4,309 crore a year earlier.