UPSCSSCBANKINGSTATE-PSC
Swiggy launched a Rs 10,000 crore QIP to boost quick commerce and strengthen its balance sheet.
Summary
Swiggy initiated a Rs 10,000 crore QIP (Qualified Institutional Placement) on Tuesday, following shareholder approval. This fundraise is Swiggy's first since its 2024 IPO and aims to bolster its quick commerce ventures and strengthen its financial position.
Key Points
- Swiggy launched a Rs 10,000 crore QIP.
- The QIP follows shareholder approval with 99.47% approval.
- This is Swiggy's first fundraise since its 2024 IPO.
- The funds will be used to expand quick commerce operations and strengthen the balance sheet.
- Swiggy aims to compete with Blinkit and Zepto in the quick commerce sector.
Full Article
Swiggy opened its Rs 10,000-crore QIP on Tuesday, a day after shareholders cleared the plan with 99.47% approval. The fundraise—its first since the 2024 IPO—comes as the company boosts spending in quick commerce to rival Blinkit and Zepto while strengthening its balance sheet.
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