By Kavita Mistry 
Swiggy Ltd.’s board of directors have approved its plan to raise up to Rs 10,000 crore via qualified institutional placements and other means, according to an exchange filing on Friday.
The filing stated that Swiggy has received board nod to explore more than one route for raising funds, primarily via private or public placements.
The fundraise comes as the food delivery and quick-commerce company faces fierce competition in the quick commerce space from close rivals like Blinkit and Zepto.
Rahul Bothra, Chief Financial Officer (CFO) at Swiggy, in an interview with NDTV Profit said, “We have seen continued heightened investments in the sector. Both legacy and new players continue to attract more and more investments. And we therefore want to have the flexibility to raise this growth capital.”
“Some of it is going to be strategic reserve, at the same time to be able to invest in growth of the quick commerce business, as well as some of the innovations that we continue to incubate in the business,” he added.