As competition intensifies in the quick commerce segment for 10-minute grocery deliveries, drink has extended this model to home food delivery with its new fast delivery service, ‘Bolt’.
With this new service, Swiggy aims to deliver food in just 10 minutes to meet the growing demand for speed, taste and convenience of consumers in food delivery.
The service will initially launch in select cities in India.
CEO Rohit Kapoor shares the announcement
Announcing the development on LinkedIn, Swiggy’s Food Marketplace CEO Rohit Kapoor said, “Iconic food brands have been built on the axis of time, taste and convenience. And today, some cities will enjoy the first proof of a unique (and hopefully iconic) product within the Swiggy Food marketplace.”
“Bolt ⚡️ will deliver your food 🧡 in just 10 minutes. Yes, 10! So, friends from Bangalore, Hyderabad, Mumbai, Chennai, Delhi, Pune, the challenge for you is to choose your food in less time than required. so that Let’s deliver your food to you, while the rest of India, watch out for this ASAP. Your time starts now ⏱️,” Kapoor added.
First phase of Bolt launch
The first phase of the Bolt launch is aimed at major urban centres, including BengaluruHyderabad, Mumbai, Chennai, Delhi and Pune.
Swiggy plans to gradually expand the service to more areas, depending on customer feedback and operational efficiency.
“For our delivery partners it’s like any other order. The trick is to cover short distances only from high-density restaurants,” Kapoor explained.
initial public offering launch
The development comes as Swiggy prepares to launch its initial public offering (IPO) later this year. The company had filed confidential documents with the regulator for the IPO in April.
On September 26, it filed an updated draft red herring prospectus, outlining plans for a combination of a fresh issue of shares worth up to Rs 3,750 crore and an offer for sale of 18.52 million shares by of existing shareholders.
Recently, money control reported that Swiggy shareholders passed a resolution on October 3 in an Extraordinary General Meeting (EGM) to increase the size of the lead issue in its IPO from Rs 3,750 crore to Rs 5,000 crore.
The offer for sale (OFS) component remains unchanged at Rs 6,664 crore. If listed, Swiggy will become the second listed food delivery company after the one led by Deepinder Goyal. Zomato.
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