Swiggy’s plan to raise up to Rs 10,000 crore through a qualified institutional placement is seen by analysts as a measure to build a larger cash buffer in an increasingly crowded quick- commerce market. The move will see its total liquidity rising to nearly Rs 17,000 crore, just a shade lower than rival Eternal’s Rs 18,314 crore.

The proposed fundraise comes barely a year after Swiggy’s Rs 11,327-crore IPO, and also at a time when its balance sheet appears comfortable.

According to analysts, the continued need for capital reflects the competitive intensity in the quick commerce segment rather than any immediate financial stress.

Swiggy ended the July-September quarter with Rs 4,605 crore in cash and is set to add another Rs 2,400 crore from the sale of its 12% stake in Rapido . Tha

See Full Page