Monitoring Agency Report for the quarter ended March 31, 2026
SWIGGY · price
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CRISIL Ratings Limited has submitted monitoring agency reports for both Swiggy's IPO (November 2024) and QIP (December 2025) for the quarter ending March 31, 2026. For the IPO, Rs 37.85 billion of Rs 44.99 billion has been utilized (~84%), with Rs 7.14 billion remaining parked in fixed deposits. For the QIP, only Rs 6.13 billion of Rs 100 billion has been utilized (~6%), with Rs 93.87 billion still parked in fixed deposits and corporate deposits (Shriram Finance, Bajaj Finance, Mahindra & Mahindra Financial Services, HDFC, Axis, ICICI banks). A minor delay is noted in dark store lease payments for the IPO—Rs 1,503 million utilized vs Rs 1,546 million planned for FY2026—due to invoice submission and processing delays. All utilization is confirmed to be in line with the Offer Document disclosures with no material deviations.
No concerns for shareholders. Both IPO and QIP proceeds are being deployed as planned with no deviations from stated objects. The significant unutilized QIP balance (~Rs 93.9 billion) reflects the recent nature of the QIP (December 2025) and planned future deployment toward quick commerce expansion.