Swiggy Limited Submits Monitoring Agency Reports for IPO and QIP Proceeds Utilisation for Quarter Ended March 31, 2026

Swiggy Limited has filed Monitoring Agency Reports with the stock exchanges on May 08, 2026, covering the utilisation of proceeds from its Initial Public Offer (IPO) and Qualified Institutional Placement (QIP) for the quarter ended March 31, 2026. The reports were prepared by Crisil Ratings Limited, acting as the Monitoring Agency, pursuant to SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The peer-reviewed Independent Chartered Accountant certificates were issued by M/s Manian & Rao, Chartered Accountants (Firm Registration Number: 001983S).

IPO Proceeds Utilisation

Swiggy's IPO was held during November 6–8, 2024, with a total issue size of Rs 1,13,274.27 million, comprising a fresh issue of Rs 44,990.00 million and an Offer for Sale (OFS) of Rs 68,284.27 million. After deducting issue expenses of Rs 1,400.18 million, the net proceeds available for deployment stood at Rs 43,589.82 million. The Monitoring Agency confirmed that all utilisation was in accordance with the disclosures in the Offer Document, with no deviations reported.

The following table summarises the progress in utilisation of IPO proceeds as at the end of the quarter ended March 31, 2026:

Item Head:	Amount as Proposed (Rs in million)	At Beginning of Quarter (Rs in million)	During the Quarter (Rs in million)	At End of Quarter (Rs in million)	Unutilised Amount (Rs in million)
Investment in Material Subsidiary, Scootsy – repayment/pre-payment of borrowings:	1,648.00	1,648.00	Nil	1,648.00	Nil
Investment in Material Subsidiary, Scootsy – expansion of Dark Store network:	7,554.00	5,577.71	572.83	6,150.53	1,403.47
Investment in Material Subsidiary, Scootsy – lease/license payments for Dark Stores:	4,233.00	1,208.10	294.92	1,503.02	2,729.98
Investment in technology and cloud infrastructure:	7,034.00	3,889.16	862.96	4,752.13	2,281.87
Brand marketing and business promotion expenses:	11,153.00	8,365.61	2,661.59	11,027.20	125.80
Funding inorganic growth and general corporate purposes:	11,967.82	11,370.67	0.00	11,370.67	597.15
Subtotal:	43,589.82	32,059.25	4,392.30	36,451.55	7,138.27
Expenses in relation to the Fresh Issue:	1,400.18	1,370.97	29.21	1,400.18	0.00
Total:	44,990.00	33,430.23	4,421.51	37,851.73	7,138.27

The unutilised IPO gross proceeds of Rs 7,138.27 million were deployed in fixed deposits and current accounts of Swiggy Limited and its subsidiary, Scootsy Logistics Pvt Ltd, earning a total of Rs 316.64 million, with a market value of Rs 7,455.38 million as at March 31, 2026. A delay was noted in the implementation of the lease/license payments for Dark Stores object, as the company had estimated to utilise Rs 1,546.00 million by Fiscal 2026 but utilised only Rs 1,503.02 million. This was attributed to delays in invoice submission and processing, with the remaining amount to be utilised in the subsequent quarter.

QIP Proceeds Utilisation

Swiggy's QIP was conducted during December 9–12, 2025, comprising the issue of 26,66,66,663 equity shares aggregating to gross proceeds of Rs 1,00,000.00 million. After deducting issue expenses of Rs 813.57 million, the net proceeds available for deployment stood at Rs 99,186.43 million. The Monitoring Agency confirmed that all utilisation was in accordance with the disclosures in the Placement Document, with no deviations reported.

The following table summarises the progress in utilisation of QIP proceeds as at the end of the quarter ended March 31, 2026:

Item Head:	Amount as Proposed (Rs in million)	At Beginning of Quarter (Rs in million)	During the Quarter (Rs in million)	At End of Quarter (Rs in million)	Unutilised Amount (Rs in million)
Investment in expansion and operations of quick commerce fulfilment network:	44,750.00	0.00	0.00	0.00	44,750.00
Investment in technology and cloud infrastructure:	9,850.00	0.00	55.00	55.00	9,795.00
Brand marketing and business promotion expenses:	23,400.00	0.00	497.70	497.70	22,902.30
Funding inorganic growth and general corporate purposes:	21,186.43	1,195.38	3,716.04	4,911.42	16,275.01
Subtotal:	99,186.43	1,195.38	4,268.74	5,464.12	93,722.31
Expenses in relation to the Fresh Issue:	813.57	0.00	670.25	670.25	143.31
Total:	1,00,000.00	1,195.38	4,938.99	6,134.37	93,865.63

The general corporate purposes utilisation under the QIP during the quarter ended March 31, 2026 amounted to Rs 3,716.04 million, comprising administrative expenses of Rs 2,192.49 million (towards salary payouts) and meeting expenses incurred in the ordinary course of business of Rs 1,523.54 million (towards indirect expenses). The Monitoring Agency confirmed that no payments were made to any directors, Key Managerial Personnel, or Group Companies from the QIP proceeds under general corporate purposes.

Deployment of Unutilised QIP Proceeds

The unutilised QIP gross proceeds of Rs 93,865.63 million were deployed across a diversified set of instruments as at March 31, 2026, earning total returns of Rs 1,455.32 million, with a market value of Rs 95,320.94 million. The deployment included:

Fixed Deposits with HDFC Bank, Axis Bank, and ICICI Bank
Corporate Deposits with Shriram Finance Limited, Mahindra & Mahindra Financial Services Ltd, and Bajaj Finance Limited
Bonds/NCDs issued by entities including Aditya Birla Capital Limited, HDB Financial Services Limited, Kotak Mahindra Investments Limited, Cholamandalam Investment and Finance Company Limited, Tata Capital Financial Services Limited, Tata Capital Limited, National Bank for Agriculture and Rural Development, REC Limited, Godrej Industries Limited, and Shriram Finance Limited
Mutual Funds including HDFC Floating Rate Debt Direct-G, Aditya Birla SL Floating Rate Direct-G, Kotak Low Duration Direct-G, Nippon India Liquid Direct-G, Nippon India Low Duration Direct-G, Tata Money Market Direct-G, ICICI Pru Savings Direct-G, and Axis Treasury Advantage Direct-G
Commercial Papers of Kotak Mahindra Prime Limited, Aditya Birla Capital Limited, and ICICI Securities Limited
Balance in Axis Escrow Account

A delay was also noted in the QIP's quick commerce fulfilment network object, as the company had estimated to utilise Rs 120.00 million for this object by Fiscal 2026 but utilised Rs Nil as at the end of fiscal 2026. This was attributed to delays in invoice submission and processing, with the amount to be utilised in the subsequent quarter. The company confirmed that no lien of any nature was created during the interim use of proceeds for either the IPO or the QIP.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+0.36%	+3.77%	+4.16%	-30.12%	-14.69%	-38.49%

Swiggy Limited has issued a postal ballot notice seeking shareholder approval for significant amendments to its Articles of Association and the appointment of a new nominee director. The remote e-voting period commences on April 21, 2026, at 9:00 a.m. IST and concludes on May 20, 2026, at 5:00 p.m. IST, with results to be announced on or before May 22, 2026.

Articles of Association Amendments

The proposed amendments involve restructuring board nomination rights to reflect current shareholding patterns and governance requirements. The special resolution seeks approval for the following changes:

Change Type	Details
Deletion	Article 103B - Accel Entities' nomination right (holding 2.77% as of December 31, 2025)
Deletion	Article 103C - SoftBank's nomination right
Deletion	Article 103E(ii) - Lakshmi Nandan Reddy Obul's self-nomination right
Addition	Sriharsha Majety's right to nominate one senior management member to the Board
Addition	Phani Kishan Addepalli's right to nominate himself to the Board
Definition Update	Replace "Nandan's Affiliate" with "Phani's Affiliate" in Article 3

Director Appointment Resolution

The ordinary resolution seeks shareholder approval for the appointment of Mr. Renan De Castro Alves Pinto (DIN: 03118947) as a Non-Executive, Non-Independent Nominee Director, liable to retire by rotation. He was appointed as an Additional Director effective April 11, 2026, replacing Mr. Roger Clark Rabalais as the nominee of MIH India Food Holdings B.V. (Prosus).

Director Details	Information
Name	Renan De Castro Alves Pinto
DIN	03118947
Position	Non-Executive, Non-Independent Nominee Director
Nominee of	MIH India Food Holdings B.V. (Prosus)
Remuneration	Not entitled to any remuneration or sitting fees
Experience	20+ years in corporate finance and technology; currently Group CFO of Despegar

Governance Framework

The proposed amendments are limited to board nomination rights and do not grant any special voting rights, veto powers, or perpetual board seats. The board composition, including committee structures, will continue to be determined in accordance with SEBI Listing Regulations and applicable laws. The amendments delete legacy nomination rights that have ceased to be operative or have been contractually surrendered.

E-Voting Process

The postal ballot notice is being sent through electronic mode only to members whose email addresses are registered with the company or depositories as of the cut-off date of April 10, 2026. Members can cast votes through NSDL's e-voting facility during the specified period. The scrutinizer, Mr. Pramod S. M. or Mr. Biswajit Ghosh of M/s BMP & Co. LLP, will oversee the voting process.

Leadership Context

The governance changes follow the April 10, 2026 board meeting that approved resignations of two directors and appointments of three new directors. Phani Kishan Addepalli (Co-Founder & Chief Growth Officer) and Rahul Bothra (Group Chief Financial Officer) were appointed as Executive Directors effective June 1, 2026, for five-year terms. These leadership appointments, combined with the AoA amendments, reflect Swiggy's strategic governance restructuring.