Global investors, including Singapore’s Temasek Holdings Pte and Capital Group, are bidding to purchase shares in Swiggy Ltd, as the Indian food delivery service looks to secure new funding a year after its market debut, according to sources familiar with the situation. India’s leading asset managers, including SBI Funds Management Ltd, ICICI Prudential Asset Management Co, and HDFC Asset Management Co, participated in the $1.1 billion offer, which has attracted attention from various investors who chose to remain anonymous due to the private nature of the information.
Bids are reportedly centered around ₹375 ($4.2) per share, a slight increase from the indicative price of ₹371, which reflects a 6.8% discount to Swiggy’s previous closing price. The share allocation is expected to occur later this week.
Both Swiggy and Temasek declined to comment on the matter, and other involved investors did not immediately respond to requests for statements.
This fundraising effort highlights the rapid growth of the Indian e-commerce market amid rising demand. Grocery delivery companies are prioritizing expansion over profitability in an effort to capture market share, which has led to intensified competition and downward pressure on stock prices—Swiggy’s shares have fallen by 25% in 2023, while the benchmark NSE Nifty 50 Index has increased by over 9%.
Local businesses are striving to compete with global giants like Amazon.com Inc. and Walmart Inc.-backed Flipkart by establishing extensive networks of local warehouses and ultra-fast delivery capabilities for order fulfillment in minutes.
In the recently launched share sale, Swiggy, backed by Prosus, is offering approximately 269.5 million shares according to terms obtained by Bloomberg. The proceeds from this offering are intended to expand Swiggy’s network, which includes dark stores and warehouses. The company plans to invest in its technology and cloud infrastructure and pursue growth opportunities through potential acquisitions.
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Published on December 10, 2025.
