Crisil monitoring report for Sept 2026 quarter: no deviation from objects in use of issue proceeds
Swiggy has shared Crisil Ratings' Monitoring Agency Report for the quarter ended September 30, 2026.
By ScoutQuest · · 2 min read
- IPO issue size
- Rs 1,13,274.27 million
- Fresh issue size
- Rs 44,990.00 million
- Net proceeds of fresh issue
- Rs 43,589.82 million, after issue expenses of Rs 1,400.18 million
What was shared
Swiggy has submitted the Monitoring Agency Report prepared by Crisil Ratings for the quarter ended September 30, 2026, covering utilisation of the proceeds of its Initial Public Offer and the Qualified Institutional Placement. The reports were reviewed by the Audit Committee and approved by the Board at its meeting held on October 22, 2026.
What the monitoring agency recorded
- All utilisation is as per the disclosures in the Offer Document: Yes.
- Deviation from the objects of the issue: Not applicable.
- Range of deviation: Not applicable.
- Proceeds are utilised towards the objects disclosed in the Offer Document, namely investment in a material subsidiary (Scootsy), investment in technology and cloud infrastructure, and funding inorganic growth through unidentified acquisitions.
- Crisil based its report on a management undertaking, a peer reviewed independent chartered accountant certificate, the prospectus and bank statements.
The issue numbers
- Total issue size: Rs 1,13,274.27 million, made up of a fresh issue of Rs 44,990.00 million and an offer for sale of Rs 68,284.27 million.
- Gross proceeds of the fresh issue: Rs 44,990.00 million — this is the amount Crisil monitors.
- Issue expenses: Rs 1,400.18 million.
- Net proceeds: Rs 43,589.82 million.
- The issue ran from November 6, 2024 to November 8, 2024, and the specified securities are equity shares.
How a retail investor can read this
This is a periodic disclosure on how money raised in the issue has been spent. The main point is the no-deviation position: the company states, and the monitoring agency records, that funds went to the stated objects. Money from the offer for sale portion goes to the selling shareholders, not to the company, so only the fresh issue proceeds are spent on the objects.
One object clause refers to funding inorganic growth through unidentified acquisitions, meaning the object wording does not name specific targets. The report itself is a governance and use-of-proceeds check; it does not comment on business performance or earnings.
Scope of the report
Crisil states that it does not perform an audit and does not independently verify the information and certificates it receives, and that its report is based on information provided by the issuer and sources it believes reliable. The "Comments of the Board of Directors" section is filled in by the company's management and audit committee and has not been reviewed by Crisil; in this report that column carries "No Comments".
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More numbers
- IPO issue sizeRs 1,13,274.27 million
- Fresh issue portion of issue sizeRs 44,990.00 million
- Offer for sale portion of issue sizeRs 68,284.27 million
- Gross proceeds of the Fresh Issue44,990.00
- Issue expenses1,400.18
- Net proceeds43,589.82
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