Swiggy, the Indian food delivery giant, recently raised $605 million by selling shares to institutional investors, including well-known names like Fidelity and Norges Bank.
This funding move marks a significant step as Swiggy prepares for a $1.35 billion initial public offering (IPO), expected to be India’s second-largest IPO this year. The share sale reflects strong institutional interest in Swiggy’s stock, underscoring confidence in the company’s growth potential and market position.
In addition to Fidelity and Norges, domestic mutual funds have also shown keen interest in Swiggy’s offering, collectively purchasing shares worth $246 million, as noted in a stock exchange filing by Swiggy.
This local support from mutual funds further strengthens Swiggy’s financial backing as it moves toward its IPO, which has generated widespread anticipation in India’s financial markets.