IPO-bound foodtech giant Swiggy has introduced a new service offering quick-to-prepare dishes delivered in 10 minutes.
Branded͏͏ as͏͏ Swiggy͏͏ Bolt,͏͏ the͏͏ service͏͏ is͏͏ currently͏͏ active͏͏ in͏͏ six͏͏ cities:͏͏ Bengaluru,͏͏ Hyderabad,͏͏ Mumbai,͏͏ Chennai,͏͏ Delhi,͏͏ and͏͏ Pune.
Quick͏͏ Meals͏͏ from͏͏ Top͏͏ QSR͏͏ Chains:
According͏͏ to͏͏ Swiggy,͏͏ the͏͏ new͏͏ offering͏͏ will͏͏ provide͏͏ deliveries͏͏ from͏͏ popular͏͏ restaurants͏͏ and͏͏ QSR͏͏ chains͏͏ within͏͏ a͏͏ two-kilometre͏͏ radius͏͏ of͏͏ the͏͏ customer.
Bolt͏͏ will͏͏ feature͏͏ dishes͏͏ like͏͏ burgers,͏͏ hot͏͏ and͏͏ cold͏͏ beverages,͏͏ breakfast͏͏ items,͏͏ and͏͏ biryani͏͏ that͏͏ require͏͏ minimal͏͏ preparation͏͏ time.͏͏ The͏͏ new͏͏ service͏͏ will͏͏ also͏͏ focus͏͏ on͏͏ ready-to-pack͏͏ options͏͏ such͏͏ as͏͏ ice͏͏ cream,͏͏ sweets,͏͏ and͏͏ snacks.
“Customers͏͏ can͏͏ select͏͏ from͏͏ a͏͏ variety͏͏ of͏͏ popular͏͏ national͏͏ brands͏͏ such͏͏ as͏͏ KFC,͏͏ McDonald’s,͏͏ Burger͏͏ King,͏͏ Baskin͏͏ Robbins,͏͏ Starbucks,͏͏ Chaayos,͏͏ and͏͏ EatFit,͏͏ as͏͏ well͏͏ as͏͏ local͏͏ favourites,”͏͏ the͏͏ company͏͏ stated.
The͏͏ company͏͏ also͏͏ stated͏͏ that͏͏ delivery͏͏ partners͏͏ will͏͏ not͏͏ be͏͏ made͏͏ aware͏͏ of͏͏ the͏͏ difference͏͏ between͏͏ Bolt͏͏ and͏͏ regular͏͏ orders,͏͏ emphasising͏͏ that͏͏ they͏͏ will͏͏ neither͏͏ be͏͏ penalised͏͏ nor͏͏ incentivised͏͏ based͏͏ on͏͏ delivery͏͏ time.
“Bolt͏͏ represents͏͏ the͏͏ next͏͏ step͏͏ in͏͏ our͏͏ mission͏͏ to͏͏ deliver͏͏ unparalleled͏͏ convenience.͏͏ Ten͏͏ years͏͏ ago,͏͏ Swiggy͏͏ transformed͏͏ food͏͏ delivery͏͏ by͏͏ reducing͏͏ average͏͏ wait͏͏ times͏͏ to͏͏ 30͏͏ minutes.͏͏ Now,͏͏ we’re͏͏ making͏͏ that͏͏ wait͏͏ even͏͏ shorter͏͏ for͏͏ frequently͏͏ ordered͏͏ items,”͏͏ said͏͏ Rohit͏͏ Kapoor,͏͏ CEO͏͏ of͏͏ Swiggy’s͏͏ food͏͏ marketplace͏͏ division.
In͏͏ a͏͏ LinkedIn͏͏ post,͏͏ Kapoor͏͏ mentioned͏͏ that͏͏ Swiggy͏͏ aims͏͏ to͏͏ launch͏͏ the͏͏ service͏͏ across͏͏ India͏͏ in͏͏ the͏͏ near͏͏ future.
New͏͏ Services͏͏ Unveiled͏͏ Ahead͏͏ of͏͏ IPO:
This͏͏ comes͏͏ nearly͏͏ a͏͏ month͏͏ after͏͏ reports͏͏ emerged͏͏ that͏͏ the͏͏ IPO-bound͏͏ foodtech͏͏ company͏͏ launched͏͏ ‘Cafe’͏͏ in͏͏ select͏͏ areas͏͏ of͏͏ Bengaluru͏͏ to͏͏ deliver͏͏ snacks͏͏ and͏͏ beverages͏͏ within͏͏ 15͏͏ minutes.͏͏ At͏͏ that͏͏ time,͏͏ it͏͏ was͏͏ noted͏͏ that͏͏ Swiggy͏͏ Cafe͏͏ had͏͏ curated͏͏ a͏͏ selection͏͏ of͏͏ beverages,͏͏ including͏͏ coffee,͏͏ milkshakes,͏͏ and͏͏ protein͏͏ bars͏͏ from͏͏ brands͏͏ like͏͏ Blue͏͏ Tokai͏͏ and͏͏ The͏͏ Whole͏͏ Truth.
Yesterday,͏͏ the͏͏ foodtech͏͏ giant͏͏ launched͏͏ a͏͏ pilot͏͏ for͏͏ a͏͏ high-end͏͏ concierge͏͏ membership,͏͏ enabling͏͏ subscribers͏͏ to͏͏ access͏͏ exclusive͏͏ experiences͏͏ and͏͏ events͏͏ not͏͏ available͏͏ to͏͏ the͏͏ general͏͏ public.
Continue͏͏ Exploring:͏͏ IPO-bound Swiggy pilots͏͏ concierge͏͏ service͏͏ targeting͏͏ premium͏͏ customer͏͏ base
However,͏͏ the͏͏ 10-minute͏͏ delivery͏͏ segment͏͏ is͏͏ not͏͏ new͏͏ for͏͏ the͏͏ IPO-bound͏͏ startup.͏͏ In͏͏ 2022,͏͏ it͏͏ launched͏͏ Swiggy͏͏ Instacafe͏͏ in͏͏ a͏͏ pilot͏͏ phase͏͏ under͏͏ its͏͏ quick͏͏ commerce͏͏ division,͏͏ Swiggy͏͏ Instamart.͏͏ At͏͏ that͏͏ time,͏͏ it͏͏ was͏͏ delivering͏͏ pre-made͏͏ food͏͏ and͏͏ snacks,͏͏ as͏͏ well͏͏ as͏͏ groceries,͏͏ from͏͏ its͏͏ dark͏͏ stores͏͏ in͏͏ select͏͏ areas͏͏ of͏͏ Bengaluru.
Swiggy’s͏͏ competitor͏͏ Zomato͏͏ also͏͏ introduced͏͏ a͏͏ similar͏͏ service,͏͏ ‘Zomato͏͏ Instant,’͏͏ in͏͏ Gurugram͏͏ in͏͏ April͏͏ 2022͏͏ but͏͏ later͏͏ “rebranded”͏͏ the͏͏ vertical͏͏ due͏͏ to͏͏ “not͏͏ achieving͏͏ the͏͏ daily͏͏ volume͏͏ necessary͏͏ to͏͏ cover͏͏ fixed͏͏ costs.”
Meanwhile,͏͏ a͏͏ new͏͏ player͏͏ has͏͏ entered͏͏ the͏͏ 10-minute͏͏ food͏͏ delivery͏͏ market.͏͏ Swish,͏͏ which͏͏ was͏͏ established͏͏ in͏͏ August,͏͏ has͏͏ begun͏͏ offering͏͏ select͏͏ fast͏͏ food͏͏ deliveries͏͏ in͏͏ the͏͏ HSR͏͏ Layout͏͏ area͏͏ of͏͏ Bengaluru͏͏ and͏͏ is͏͏ gearing͏͏ up͏͏ for͏͏ expansion͏͏ soon.
For͏͏ Swiggy,͏͏ these͏͏ pilot͏͏ programs͏͏ come͏͏ ahead͏͏ of͏͏ its͏͏ highly͏͏ anticipated͏͏ IPO.͏͏ The͏͏ startup͏͏ submitted͏͏ its͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ to͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI).͏͏ On͏͏ Thursday,͏͏ the͏͏ company͏͏ received͏͏ approval͏͏ from͏͏ its͏͏ shareholders͏͏ to͏͏ increase͏͏ the͏͏ size͏͏ of͏͏ the͏͏ fresh͏͏ issue͏͏ of͏͏ shares͏͏ in͏͏ the͏͏ IPO͏͏ to͏͏ INR͏͏ 5,000͏͏ crore.͏͏ The͏͏ IPO͏͏ will͏͏ also͏͏ include͏͏ an͏͏ offer͏͏ for͏͏ the͏͏ sale͏͏ of͏͏ 18.53͏͏ crore͏͏ equity͏͏ shares.
