New Delhi, Oct 30 (PTI) Food delivery and quick commerce firm Swiggy, which owns Instamart, on Thursday said its Board will meet on November 7 to consider and approve a proposal to raise Rs 10,000 crore through a qualified institutional placement.

Swiggy said the external environment is competitive and dynamic, and hence the company's board will consider raising additional funds.

"With the current cash balance to be further bolstered by the Rs 2,400 crore Rapido divestment, we feel comfortable about our overall balance sheet strength, and are well-funded for our growth ambitions," Swiggy said in a letter to shareholders.

"However, the external competitive environment is dynamic, and legacy and new players continue to attract investments to the sector. This has necessitated a conversatio

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