War Chest Or Safety Net?

The quick commerce race is wide open again. Swiggy finally closed its much-watched INR 10,000 Cr (roughly $1.2 Bn) qualified institutional placement (QIP) and is preparing for its biggest splash after last year’s IPO. 

It marks a critical inflection point for India’s quick commerce battlefield. While Swiggy has framed this capital raise as a war chest for growth, a closer examination of the company’s recent performance — in particular, Instamart — suggests a more nuanced strategy. 

Despite all the talk about building up…