Swiggy gets shareholder nod for Rs 10,000-crore QIP

• Swiggy's shareholders approved a Rs 10,000-crore Qualified Institutional Placement (QIP) on December 8.
• This QIP is one of the largest equity fundraises in India's consumer internet space this year.
• The funds will be used to strengthen Swiggy's balance sheet and expand its food delivery, Instamart, and new business verticals.
• The fundraise comes amid fierce competition in the quick-commerce market, with rivals like Blinkit and Zepto also raising significant capital.
• Swiggy plans to target long-only funds and global institutional investors for the QIP.

Why It Matters: Swiggy's fundraise strengthens its position in the competitive market.