(Credit - X/@madhavchanchani)
Swiggy launched Bolt, a 10-minute food delivery service.
Swiggy aimed to provide quick commerce-like service, focusing on restaurants within 2 km radius of the customer for dishes with minimal preparation time. In this article, we will discuss about Swiggy Bolt, evolving buisness model amidst IPO readiness.
In the Swiggy app, it shows “Introducing Bolt - Food in 10 mins” tile. Swiggy mentioned: “Bolt features a selection of highly popular dishes like burgers, hot beverages, cold beverages, breakfast items, and even biryani that require minimum preparation time.” Swiggy has partnered with over 2,700 restaurants for quick order turnarounds. Swiggy will also focus on ready-to-pack dishes like ice cream, sweets and snacks.
Swiggy said in a recent statement: “customers can choose from a mix of well-known national brands like KFC, McDonald's, Burger King, Baskin Robbins, Starbucks, Chaayos, and EatFit, alongside local favourites like Karachi Bakery and G Pulla Reddy Sweets in Hyderabad, MM Mithaiwala in Mumbai, Bhartiya Jalpan and Anand Sweets in Bangalore, Sethi Ice-cream in Delhi, Irani Cafe in Pune among many others.”
“Another important point is that delivery partners are not informed of the distinction between Bolt and regular orders, which means they are neither penalized nor incentivized based on delivery time,” Swiggy said further.
Meanwhile, Swiggy Bolt service will be available in six major cities in India: Hyderabad, Mumbai, Delhi, Pune, Chennai, and Bangalore.
Swiggy follows hyperlocal on-demand food delivery business model to deliver food within 30 minutes, bridging the gap between food lovers and restaurants using advanced technology. The company has thoroughly kept an eye on logistics, the most important element in quick commerce segment to sustain. Despite facing tough competition from Zomato and UberEats, Swiggy has grown in last 10 years sharply. Starting with only 6 delivery executives and 25 eateries, Swiggy is currently valued at $15.1 billion. Swiggy’s quick commerce segment, Instamart, has rapidly grown to become a powerhouse, contributing at least 17% to the revenue. Swiggy Genie, hyperlocal courier service allows users to send packages across cities, giving the company an edge to tap the gig economy.
Swiggy has revised draft documents with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO) worth of Rs 10,000 crore is one of the most biggest in recent times in Indian market.
The IPO buzz has gathered attention from various high-profile figures like Rahul Dravid, Zaheer Khan, Rohan Bopanna, Karan Johar, and so on. They have already expressed interest in acquiring stakes in Swiggy ahead of its market debut.
“We intend to deploy the net proceeds towards acquisitions over the course of four fiscals from the date of listing of the equity shares pursuant to the offer, and the amount of net proceeds to be used for acquisitions will be based on our board’s decision,” the draft read.
Swiggy has already acquired six businesses, the latest being LYNK Logistics. The other five are Dineout, Supr Daily, Kint, and Scootsy.
Will 10-minute food delivery boost the company before IPO? Only time will tell.
“Ten years ago, Swiggy revolutionized food delivery by cutting average wait times to 30 minutes. Now, we’re reducing that wait even further for frequently ordered items like coffee, burgers, ice cream, and biryani, partnering with trusted restaurants to deliver the best food in just 10 minutes," said Rohit Kapoor, CEO of Swiggy’s Food Marketplace.
