Swiggy, the leading food delivery platform, has launched Bolt, a new service that promises meal delivery in just 10 minutes. This service is now available in six cities, offering quick-to-prepare meals from popular restaurants and quick-service restaurants (QSRs) within a 2-kilometer radius of the customer. The aim is to provide fast service while maintaining the freshness and quality of the food.
Extensive Restaurant Network
Through Bolt, Swiggy offers 10-minute delivery from over 2,700 restaurants, including well-known brands like KFC, McDonald’s, and Starbucks. The service is currently active in key areas of Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune. Swiggy plans to expand Bolt to additional areas in the coming weeks.
Swiggy’s main competitor, Zomato, had previously launched a similar 10-minute delivery service in cities like Bengaluru and Gurugram. However, Zomato discontinued its service in January 2023. By focusing on meals that require less preparation, Swiggy aims to differentiate itself in the fast-paced food delivery market.
Unique Delivery Approach
Interestingly, Swiggy has decided not to inform its delivery partners about the distinction between Bolt orders and standard orders. This means that delivery personnel are neither rewarded nor penalized based on delivery times, which could streamline the process and enhance efficiency.
The launch of Bolt coincides with Swiggy’s plans to go public, as the company recently filed for an initial public offering (IPO) intending to raise $450 million. Analysts expect Swiggy’s valuation to reach between $10 billion and $13 billion upon going public. Additionally, shareholders approved an increase in the amount of the fresh issue in its IPO from Rs 3,750 crore (approximately $445 million) to Rs 5,000 crore (about $595 million).
