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…

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