Monitoring Agency Report for the quarter ended December 31, 2025
SWIGGY · price
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Swiggy has filed CRISIL Ratings' Monitoring Agency Reports covering utilization of proceeds from its November 2024 IPO and December 2025 QIP for the quarter ended December 31, 2025. Of the Rs 44,990 million gross IPO proceeds, about Rs 33,430 million (roughly 74%) has been deployed so far, with Rs 11,560 million still unutilized and parked largely in fixed deposits with HDFC, ICICI, Axis and HSBC. The IPO's borrowings-repayment object is fully utilized, while Dark Store expansion, technology/cloud infrastructure and brand marketing each have sizable unutilized balances. For the Rs 1,00,000 million QIP raised in December 2025, only Rs 1,195 million (about 1.2%) was deployed during the quarter, with the bulk parked in bank FDs, corporate deposits and NCDs yielding 5–7.4%. Both reports confirm no deviation from stated objects, no cost revisions and no delays, and were reviewed by the Audit Committee and approved by the Board on January 29, 2026.
Reassuring for shareholders as independent monitoring confirms funds are being used only for stated purposes (quick-commerce expansion, technology, marketing and acquisitions) and idle money is earning interest. However, the large unutilized QIP balance signals significant upcoming capex on dark stores and potential inorganic moves, which will be a key thing to watch in coming quarters.