Swiggy Tweaks IPO Menu; Is Hungry for Quick Commerce

The company said it intends to invest *755.4 crore in expanding its dark store network, while lease and license payments for dark stores or warehouses would amount to Z423.3 crore. This will take Swiggy's dark store count to 741, covering about 2.59 million square feet. At the end of the June quarter, Swiggy Instamart had 557 dark stores while Blinkit had 639. At the end of the September quarter, Blinkit's dark stores had shot up to 791. As of September 10, the company had 605 active dark stores. Zepto—among the top three players, besides Instamart and Blinkit—is raising another $150 million in a top-up to its $1 billion funding in the past four months. The Mumbai-based firm has more than 500 dark stores.

Swiggy said it intends to spend 703.4 crores on technology improvements, including cloud infrastructure and logistics optimisation, while allocating 017.7 crores for marketing to boost its presence, with a focus on Instamart. Originally filed with Sebi in April, the IPO has evinced strong interest from global and domestic investors, including BlackRock, CPPIB, and SBI Mutual Fund.