With the festive season approaching, quick commerce giant Swiggy Instamart has launched a 24×7 delivery service in the Delhi-NCR region.
In͏͏ a͏͏ statement,͏͏ the͏͏ company͏͏ announced͏͏ that͏͏ the͏͏ service͏͏ will͏͏ be͏͏ accessible͏͏ in͏͏ the͏͏ national͏͏ capital,͏͏ as͏͏ well͏͏ as͏͏ in͏͏ the͏͏ nearby͏͏ satellite͏͏ towns͏͏ of͏͏ Gurugram͏͏ and͏͏ Noida.
Late-Night͏͏ Demand͏͏ Drives͏͏ New͏͏ Offering:
Explaining͏͏ the͏͏ reasoning͏͏ behind͏͏ the͏͏ new͏͏ offering,͏͏ the͏͏ IPO-bound͏͏ foodtech͏͏ giant͏͏ stated͏͏ that͏͏ its͏͏ internal͏͏ “order͏͏ analysis”͏͏ indicated͏͏ that͏͏ late-night͏͏ orders͏͏ for͏͏ items͏͏ like͏͏ chips,͏͏ bhujia,͏͏ ice͏͏ creams,͏͏ sexual͏͏ wellness͏͏ products,͏͏ and͏͏ “pan͏͏ corner͏͏ essentials”͏͏ peak͏͏ between͏͏ 11͏͏ PM͏͏ and͏͏ 6͏͏ AM͏͏ during͏͏ the͏͏ festive͏͏ season.͏͏ Additionally,͏͏ mornings͏͏ witness͏͏ a͏͏ significant͏͏ number͏͏ of͏͏ orders͏͏ for͏͏ staples͏͏ like͏͏ milk͏͏ and͏͏ eggs.
Continue͏͏ Exploring:͏͏ Swiggy Instamart expands͏͏ to͏͏ 42͏͏ cities,͏͏ eyes͏͏ growth͏͏ in͏͏ tier͏͏ 2͏͏ and͏͏ 3͏͏ markets
Competitive͏͏ Landscape:
The͏͏ new͏͏ offering͏͏ follows͏͏ closely͏͏ on͏͏ the͏͏ heels͏͏ of͏͏ Flipkart͏͏ launching͏͏ its͏͏ quick͏͏ commerce͏͏ service,͏͏ Minutes,͏͏ in͏͏ the͏͏ national͏͏ capital͏͏ region.͏͏ To͏͏ attract͏͏ users,͏͏ the͏͏ e-commerce͏͏ giant͏͏ announced͏͏ free͏͏ delivery͏͏ on͏͏ all͏͏ orders͏͏ over͏͏ INR͏͏ 99,͏͏ along͏͏ with͏͏ an͏͏ INR͏͏ 5͏͏ platform͏͏ fee.
In͏͏ addition͏͏ to͏͏ effectively͏͏ competing͏͏ with͏͏ Flipkart͏͏ Minutes͏͏ and͏͏ established͏͏ players͏͏ like͏͏ Zomato-owned͏͏ Blinkit͏͏ and͏͏ Zepto,͏͏ Swiggy͏͏ Instamart͏͏ is͏͏ likely͏͏ aiming͏͏ to͏͏ capitalize͏͏ on͏͏ the͏͏ festive͏͏ season,͏͏ a͏͏ time͏͏ when͏͏ consumers͏͏ tend͏͏ to͏͏ make͏͏ significant͏͏ purchases.
This͏͏ comes͏͏ at͏͏ a͏͏ time͏͏ when͏͏ Swiggy͏͏ is͏͏ gearing͏͏ up͏͏ to͏͏ list͏͏ on͏͏ the͏͏ stock͏͏ exchanges.͏͏ The͏͏ foodtech͏͏ giant͏͏ recently͏͏ submitted͏͏ its͏͏ updated͏͏ draft͏͏ red͏͏ herring͏͏ prospectus͏͏ (DRHP)͏͏ to͏͏ the͏͏ Securities͏͏ and͏͏ Exchange͏͏ Board͏͏ of͏͏ India͏͏ (SEBI).
The͏͏ Bengaluru-based͏͏ decacorn’s͏͏ IPO͏͏ will͏͏ include͏͏ a͏͏ fresh͏͏ issuance͏͏ of͏͏ shares͏͏ valued͏͏ at͏͏ INR͏͏ 3,750͏͏ crore,͏͏ along͏͏ with͏͏ an͏͏ offer͏͏ for͏͏ sale͏͏ (OFS)͏͏ of͏͏ 18.53͏͏ crore͏͏ equity͏͏ shares.
Meanwhile,͏͏ on͏͏ the͏͏ financial͏͏ side,͏͏ Swiggy’s͏͏ net͏͏ loss͏͏ increased͏͏ by͏͏ over͏͏ 7%,͏͏ reaching͏͏ INR͏͏ 605.7͏͏ crore͏͏ in͏͏ the͏͏ first͏͏ quarter͏͏ (Q1)͏͏ of͏͏ the͏͏ financial͏͏ year͏͏ 2024-25͏͏ (FY25),͏͏ compared͏͏ to͏͏ INR͏͏ 562.8͏͏ crore͏͏ in͏͏ the͏͏ same͏͏ quarter͏͏ of͏͏ the͏͏ previous͏͏ fiscal͏͏ year.͏͏ Operating͏͏ revenue,͏͏ however,͏͏ saw͏͏ a͏͏ significant͏͏ rise͏͏ of͏͏ nearly͏͏ 35%,͏͏ totaling͏͏ INR͏͏ 3,222.2͏͏ crore͏͏ during͏͏ the͏͏ reviewed͏͏ quarter,͏͏ up͏͏ from͏͏ INR͏͏ 2,389.8͏͏ crore͏͏ in͏͏ Q1͏͏ FY24.
