India, Nov. 7 -- Foodtech major Swiggy's board has approved the company's plan to raise INR 10,000 Cr (about $1.1 Bn) in funding via a mix of public or private market issuances.

The fundraise may be carried out in one or more tranches, including via a qualified institutions placement (QIP) or any other method allowed under Indian regulations. Swiggy's fundraise plan is yet to be approved by its shareholders. The company would be conducting an EGM to seek shareholder approval soon.

Although the timeline of Swiggy's fundraise is yet to be discerned, the fresh capital will give a further boost to the company's cash balance. Besides, Swiggy will soon net INR 2,400 Cr via the sale of its stake in Rapido.

With the INR 2,400 Cr boost, the com...