India, Dec. 10 -- Swiggy's INR 10,000 Cr qualified institutional placement (QIP) witnessed strong demand from investors and was oversubscribed 4.5X within an hour of opening, sources told Inc42.

The capital would be raised at about INR 375 per share, a discount of about 4% to floor price of INR 390.51, the sources added. The company said yesterday that it would offer a discount of up to 5% to the floor price.

The QIP saw participation from top mutual funds, including SBI Mutual Fund, ICICI Prudential MF, HDFC MF and Kotak Mahindra MF.

The fundraise comes amid raging competition in the quick commerce segment, where Swiggy's Instamart competes with market leader Blinkit, Zepto, BigBasket and newest entrants like Flipkart Minutes and Amaz...