Swiggy to invest ₹1000 Cr in Scootsy Logistics

Swiggy, in a regulatory filing, has confirmed that it will invest ₹1000 crore for the expansion of its subsidiary Scootsy Logistics. “We wish to inform that the Board of Directors of the company have approved the investment by the company in the equity shares of Scootsy Logistics, a wholly owned subsidiary of the company (‘Scootsy’), up to an amount not exceeding Rs 1,000 crore in one or more tranches by way of subscription to a rights issue. The investment will be utilised for working capital and other capital expenditures as part of the company’s business expansion,” stated an official release from Swiggy. Scootsy engages in the business involving supply chain services and distribution.