Food delivery giant Swiggy has rolled out Swiggy One Lite, a budget-friendly variant of its subscription service, Swiggy One. This new offering provides users with advantages like complimentary deliveries, exclusive promotions, and discounted rates, all available at an introductory price of INR 99 for three months.
Subscribers to this service will be entitled to 10 complimentary food deliveries for orders exceeding INR 149, along with 10 free Instamart deliveries for orders surpassing INR 199. Additionally, they will enjoy further discounts at all participating restaurants, and a 10% price reduction on Swiggy’s pick-and-drop service, Genie.
The introduction of this new segment within the broader Swiggy One program enables the foodtech giant to enhance its platform’s monetization, a crucial move given Swiggy’s current position trailing behind Zomato in the Indian food delivery market.
In terms of the features included in Swiggy One, the company provides unlimited complimentary deliveries for both food and groceries, along with extra discounts at its partner restaurants. The subscription plan is priced at INR 249 to INR 749 for a three-month duration for the majority of users, with a reduced rate offered to select customers.
In contrast, Zomato’s subscription service, Zomato Gold, provides unlimited food deliveries, prioritized processing of Gold orders, and extra discounts, typically priced at around INR 199 to INR 299 for a three-month period. It’s worth noting, though, that Zomato Gold perks do not apply to the grocery delivery platform Blinkit.
Commenting on the launch of the cheaper version of the plan, Anurag Panganamamula, vice president of revenue and growth at Swiggy, said, “After a successful B2B launch with leading players, we’re excited to introduce Swiggy One Lite on the Swiggy platform as a pocket-friendly alternative designed to bring value to our customers, especially those yet to experience the unparalleled benefits of the Swiggy One program.”
As per Panaganamamula’s findings, 90% of Swiggy One members utilize multiple services. Swiggy is introducing Swiggy One Lite to its user base through collaborations with telecommunications and financial institutions. According to the prominent foodtech company, various brands are offering Swiggy One Lite memberships bundled with their products.
The prominent foodtech company faced significant scrutiny recently when certain users claimed it was imposing excessive charges on their orders.
However, Swiggy said no customer was overcharged and attributed the issue to a technical bug. “We confirm no customers have been overcharged and they have paid the correct amount. This was due to a tech bug, which we have fixed. We continue to deliver thousands of orders every minute to our customers,” a Swiggy spokesperson said.
According to Prosus’ annual report, Swiggy’s losses surged to $545 million in 2022, up from $300 million in 2021. As per Prosus’ data, Swiggy’s total revenue also increased to approximately $900 million in the same year, compared to $600 million in the previous year.
Meanwhile, Swiggy’s financial filings for the fiscal year 2022 revealed a net loss increase to INR 3,628.9 crore, with revenue reaching INR 5,704.9 crore.