Fund manager Devina Mehra questioned Swiggy's ₹10,000-crore fundraise, just a year after its ₹11,300-crore IPO. "Fancy new valuation ratios...are used only to justify valuation, not...do valuation," she said. "But I suppose when you're making losses at...₹1,100 crore/quarter, there's anyway no return on capital to dilute...Only an insatiable appetite for capital," the First Global Founder added.