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Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group

EntrackrEntrackr · 1m ago
Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group
Medial

Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group Digital freight forwarder Agraga has raised Rs 100 crore (around $12 million) in its pre-Series B round led by Bajaj Finserv Group, with participation from existing investor IvyCap Ventures and select global angel backers. Agraga had earlier raised Rs 70 crore in its Series A round in May 2023, led by IvyCap Ventures with participation from Alteria. The proceeds will be used to expand its cross-border logistics platform, strengthen its LCL (Less-than-Container Load) vertical, scale automation and visibility tools, and deepen its presence across major export hubs. Founded in 2021, Agraga provides a unified platform that integrates freight booking, customs, warehousing, and embedded financial services. The firm aims to simplify cross-border logistics for MSMEs and mid-market enterprises by offering real-time pricing, tracking, and compliance workflows. Agraga claims to have built its stack around four layers which includes discovery, tracking, execution, and data-driven decision-making. Agraga serves more than 700 customers and 1,000 vendors across 40 global trade lanes. It also partners with financial institutions including ICICI Bank and IDFC First Bank. Its subsidiary Byteport Logistics focuses on channel-partner aggregation for MSME and LCL customers. Bajaj Finserv backs Indian startups through its corporate venture arm, Bajaj Finserv Ventures, and its newer alternative investment subsidiary, with a focus on fintech, healthcare and technology.

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP

EntrackrEntrackr · 18d ago
Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP
Medial

Swiggy gets shareholder nod to raise Rs 10,000 Cr via QIP Food and quick commerce major Swiggy has secured shareholder approval to raise up to Rs 10,000 crore via a Qualified Institutional Placement (QIP), opening the door to one of the largest equity raises by an internet-era company in India. The special resolution was passed at an Extraordinary General Meeting (EGM) held on December 8, after the board had cleared the proposal on November 7. According to the stock exchange filing, 99.47% of votes cast were in favour of the plan. With this approval in place, the issuance can proceed as soon as this week. The Rs 10,000 crore infusion will be used to bolster Swiggy’s capital base and accelerate growth across its core food delivery business and its quick-commerce arm Instamart. With competition heating up in the instant-grocery segment, from the likes of Blinkit and Zepto, Swiggy needs a substantial war chest for warehousing, dark stores, logistics, and customer acquisition. At the current trading price, the fresh issue could result in over 10% equity dilution for existing shareholders. This marks Swiggy’s first major capital raise since its IPO in November 2024, when it raised roughly Rs 4,500 crore. Recently, Swiggy reported that its losses widened 74% year-on-year to Rs 1,092 crore in Q2 FY26, while Instamart’s revenue doubled during the same period. The company’s operating revenue surged 23% to Rs 3,760 crore in the quarter, driven by higher order frequency and quick-commerce traction. Meanwhile, the Bengaluru-based company also exited Rapido, securing Rs 2,399.5 crore and yielding over a 2.5X return on its investment made less than four years ago. With market conditions and investor demand permitting, the QIP could be launched imminently. If successful, it would provide Swiggy with the financial leverage needed to accelerate scale in both food delivery and quick commerce, though the dilution may also test the patience of existing retail investors.

Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price

EntrackrEntrackr · 15d ago
Swiggy closes Rs 10,000 Cr QIP at nearly 4% discount to floor price
Medial

Swiggy has closed its Rs 10,000 crore qualified institutional placement (QIP) on December 12 after raising funds from eligible institutional investors. In a filing with the stock exchanges, the company said its Investment and Allotment Committee had approved the issuance and allotment of 26.66 crore equity shares at Rs 375 per share. The issue price represents a 3.97% discount to the floor price of Rs 390.51 and includes a premium of Rs 374 per share. Swiggy has also finalized allocations to qualified institutional buyers and adopted the placement document on December 12. The fundraise follows the shareholder approval received on December 8 when 99.47% of votes cast at the extraordinary general meeting backed the proposal to raise up to Rs 10,000 crore through a QIP. A day later, the company launched the issue and set the floor price at Rs 390.51 per share. Swiggy said that the capital would be used to strengthen its balance sheet and support the expansion of Instamart along with investments in logistics and technology infrastructure. The Bengaluru-based firm's shares gained more than 2% on December 9 as the QIP opened for subscription. The issue saw strong traction from institutional investors. Between December 10 and 11, demand exceeded four times the offer size. Large domestic mutual funds including SBI Mutual Fund, ICICI Prudential Mutual Fund, HDFC Mutual Fund and Kotak Mutual Fund reportedly participated in the offering. Global investors such as Temasek, GIC and Nomura also subscribed to the issue. With the allotment completed, Swiggy has executed one of the largest equity raised by an Indian internet company.

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