India, Dec. 2 -- Swiggy Ltd. is preparing to raise as much as Rs.10,000 crore via a qualified institutional placement next week, in what can be seen as a move to gain firepower amid an intense quick-commerce rivalry in India.

The Instamart operator has shortlisted three banks to manage QIP-the Indian units of Citigroup Inc. and JPMorgan Chase & Co., as well as Kotak Mahindra Capital Co., Bloomberg News reported on Tuesday citing people aware of the matter. They asked not to be identified because the information is private.

On 7 November 2025, Swiggy's board approved plans to raise up to Rs.10,000 crore through a QIP, subject to shareholder and regulatory approval. The timing and size of the deal could still change, the people said.

Swi...