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

EntrackrEntrackr · 21d 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.

Turtlemint receives SEBI nod for IPO

EntrackrEntrackr · 15d ago
Turtlemint receives SEBI nod for IPO
Medial

Insurtech firm Turtlemint has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO), according to the processing status updated by the market regulator on its website on December 12, 2025. The company pre-filed its Draft Red Herring Prospectus (DRHP) through the confidential route in May 2025, reportedly planning to raise up to Rs 2,000 crore through IPO. Founded in 2015 by Dhirendra Mahyavanshi and Anand Prabhudesai, Turtlemint operates a marketplace connecting advisors with customers, offering insurance products across motor, health, and life categories. It also provides access to other financial products such as mutual funds and loans, while equipping advisors with digital tools to expand their reach and grow their business. Turtlemint is expanding its enterprise offerings via its SaaS arm, Turtlefin (Fintech Blue Solutions Pvt Ltd), to serve banks, NBFCs, and e-commerce companies. According to startup data intelligence platform TheKredible, Turtlemint has raised $190 million to date and was valued at around $900 million in its last $120 million funding round in April 2022. Nexus and Peak XV are the largest shareholders, holding 24% and 20.83% stakes, respectively. For the fiscal year ended March 2025, the Peak XV-backed company reported a 33% year-on-year increase in revenue to Rs 675 crore. At the same time, the firm slipped into losses, with a net loss of Rs 47 crore during FY25. In the insurance segment, PolicyBazaar parent PB Fintech and Go Digit General Insurance are the key listed players, while Acko is targeting a 2027 listing.

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