New Delhi, Dec. 9 -- India's quick commerce battle is no longer about who delivers faster; it is about who can afford to keep doing it longer.

Swiggy's shareholders have approved a Rs.10,000-crore qualified institutional placement (QIP), a move that materially strengthens the company's balance sheet at a time when capital has become the most decisive competitive lever in instant commerce. The approval comes as rivals sit on significantly larger cash reserves and continue to spend aggressively on expansion, pricing, and infrastructure.

At the end of the September quarter, Swiggy reported cash and cash equivalents of Rs.4,605 crore. It also expects around Rs.2,400 crore from the sale of a 12% stake in Rapido, taking its available funds to...