Foodtech giant Swiggy has reintroduced its homestyle meal delivery service, Swiggy Daily, after a four-year hiatus from its offerings. Originally launched in 2019, the service was temporarily halted by Swiggy due to dwindling demand amidst Covid-induced lockdowns.
Now, the food delivery and quick commerce giant has resumed the service in Bengaluru, with the rollout still in its early stages.
Notably, this time around, Swiggy is integrating Swiggy Daily directly into its main app, instead of maintaining a separate application as it did before.
Swiggy Daily primarily caters to consumers in search of affordable, healthy, home-cooked meals. The service provides flexibility, enabling users to choose subscriptions lasting from three days to a month.
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Last year, Zomato launched ‘Zomato Everyday’, a fresh take on home-style meals, offering budget-friendly, freshly prepared dishes by genuine home chefs. Initially tested in specific areas of Gurugram in February the year before, the ‘Zomato Everyday’ service has since grown, now available in numerous cities and locations.
Established in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini (who departed from the company in 2020), Swiggy initially began as a food delivery startup. Over time, it diversified its services, introducing its quick commerce vertical – Swiggy Instamart, and also providing a courier service known as Swiggy Genie.
In preparation for its anticipated public listing later this year, Swiggy has been refining and consolidating its operations. Recently, Swiggy combined Swiggy Mall with its quick commerce platform, Instamart. Furthermore, in March, Swiggy integrated its premium grocery vertical, InsanelyGood, with Instamart, demonstrating its commitment to enhance and fortify its services.
Last month, Swiggy initiated the process for an initial public offering (IPO) through the confidential pre-filing method with the Securities and Exchange Board of India (SEBI).
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According to other regulatory filings, the startup’s IPO will encompass a fresh issue of shares valued at INR 3,750.1 Cr (approximately $449 Mn) along with an offer-for-sale component valued at INR 6,664 Cr (roughly $799 Mn).
During the first nine months of the financial year 2023-24 (FY24), Swiggy recorded a loss of $207 Mn (INR 1,730 Cr). The Bengaluru-based startup also generated a revenue of $1.02 Bn (approximately INR 8,505 Cr, based on current exchange rates) from April to December 2023.
