Synopsis
Food and grocery delivery firm Swiggy’s board has approved a proposal to raise Rs 10,000 crore through a qualified institutional placement. The company will now seek shareholder approval for this significant fundraise. This move follows earlier reports of Swiggy’s plans to secure fresh capital.
ETtechFood and grocery delivery firm Swiggy‘s board has approved the company’s proposal to raise Rs 10,000 crore via a qualified institutional placement (QIP), it said in a stock exchange filing on Friday.
The company will now seek a clearance from its shareholders for the fundraise.
ET first reported on October 30 about Swiggy’s plan to raise fresh capital, and the company confirmed the development during its earnings announcement.
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