India, Oct. 30 -- Foodtech giant Swiggy is reportedly considering raising $1 Bn to $1.5 Bn via a qualified institutional placement (QIP) to boost its balance sheet and accelerate quick commerce expansion.

Citing sources, ET reported that Swiggy is in early-stage discussions with investors for the QIP. The size of the proposed QIP is $1 Bn, which can go up to $1.5 Bn.

The QIP will also help the company increase its domestic shareholding as it mulls transitioning Swiggy Instamart to an inventory-led model, like Eternal's Blinkit, the report added.

Inc42 has reached out to Swiggy for comments on the development. The story will be updated on receiving responses.

The development comes at a time when the quick commerce segment continues to ...