Swiggy Marks Public Listing with Ceremony and Recognition of Delivery Partners

Swiggy Ltd has extended its 10-minute food delivery service, Bolt, to more than 400 cities across India. This service focuses on delivering dishes with minimal or no preparation time from a network of over 40,000 participating restaurants, offering a selection of over 10 lakh items. Bolt aims to provide fresh, high-quality food quickly without compromising on taste or safety.  

Initially launched in cities like Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, Bolt now serves emerging hubs such as Jaipur, Lucknow, Ahmedabad, Indore, Coimbatore, and Kochi, as well as Tier ll and Tier lll cities like Roorkee, Guntur, Warangal, Patna, Jagtial, Solan, Nashik, and Shillong. Andhra Pradesh and Telangana have shown the highest adoption rates for Bolt, followed by states including Haryana, Tamil Nadu, Gujarat, West Bengal, Rajasthan, and Punjab.  

To optimize the service, Swiggy partners with restaurants to prioritize Bolt orders, focusing on dishes that require minimal preparation time. Delivery partners are assigned orders based on proximity to the Bolt outlets, and the delivery radius is limited to 2 kilometers. Importantly, delivery personnel are not informed whether an order is a Bolt request, and no incentives are offered for speed, ensuring their safety remains a priority.  

Bolt's menu includes popular cuisine categories such as snacks, bakery items, beverages, sweets, ice creams, breakfast options, and biryani. National brands like KFC, McDonald's, Starbucks, Chaayos, and EatFit are part of the lineup, along with regional favorites like Gwalia Sweets in Ahmedabad, Shiraz and Kookie Jar in Kolkata, Karachi Bakery in Hyderabad, MM Mithaiwala in Mumbai, and Bhartiya Jalpan in Bengaluru. In Tier ll cities, notable partners such as Varalakshmi Tiffins in Guntur and Akshay Tiffins in Mangalore report that Bolt now accounts for over 10 percent of their orders.  

Rohit Kapoor, CEO of Swiggy’s Food Marketplace said, “Bolt is changing the way customers are experiencing food. For the first time, people are getting food from their favourite restaurants to their doorstep, as fresh as possible. Idlis come warm and fluffy, ice creams stay frozen, and even fries are crispy right out of the package. With all the customer love we’ve received so far as well as the growing excitement from both national and local restaurants, expanding Bolt was an easy decision. We’re thrilled to bring this experience to even more cities and homes.”  

With Bolt now available in over 400 cities, Swiggy continues to innovate and enhance the food delivery experience. The Bolt section is prominently displayed on the Swiggy app, making it accessible for customers across the country.

Swiggy Ltd. has taken ownership of Team Mumbai in the World Pickleball League (WPBL), India's first official global franchise-based pickleball league. Co-founded by former Indian tennis players Gaurav Natekar and Arati Ponnappa Natekar, the inaugural season of the WPBL is scheduled to run from January 24 to February 2, 2025.

Pickleball, one of the fastest-growing sports worldwide, is gaining popularity due to its accessibility for players of all ages. With its rapid rise as a recreational and lifestyle activity, pickleball is expected to see significant growth in India over the next decade. Swiggy's Team Mumbai is the second franchise announced by the WPBL, following the Chennai franchise owned by actor Samantha Ruth Prabhu. The first edition of the league will take place in Mumbai, giving Swiggy's team a chance to compete in front of their home crowd.

As a leading brand in India, Swiggy has built a strong connection with its customers through its diverse range of services, including food delivery, quick commerce, and dining experiences. By joining the World Pickleball League, Swiggy is aligning itself with a rapidly growing recreational trend, fostering community engagement, and offering a fresh way to connect with consumers.

Rohit Kapoor, CEO of Swiggy Food Marketplace said, "When we started discussing pickleball internally and our association with it, my joke was achar bina khaana kya! Look, it's a fun, easy game to play for most people. And I can see food stalls, a happy game, and the whole family there for a great weekend. We fit right into this scenario and deliver joy to folks, as per usual. This partnership with WPBL and Mumbai is Swiggy being part of what makes the city and indeed the world go round. Which is our way.”

Gaurav Natekar, Co-Founder and CEO of WPBL, shared, “We strongly believe that the World Pickleball League can become one of India’s best and most popular leagues in the next 3-5 years. Brands like Swiggy coming onboard as Team Owners for the World Pickleball League is a true testament to how the sport and the league is vibing with the masses. As one of India’s most-loved companies, Swiggy will add to the overall excitement and help us reach an even larger audience—not just for the league, but for the sport of Pickleball as well."

As the season approaches, fans can expect an exciting series of matches, with six teams competing for victory. The WPBL seeks to offer a unique lifestyle experience, aiming to unite people through their shared enthusiasm for pickleball.

In light of an ongoing Competition Commission of India (CCI) investigation into potential anti-competitive practices, Zomato and Swiggy have reiterated their commitment to adhering to competition regulations and clarified that the CCI has not made any final decisions.

Both companies labeled recent reports on the CCI’s probe as “misleading,” stating that these reports incorrectly suggest that final determinations on alleged unfair practices, such as preferential treatment for certain restaurant partners, have been made. Zomato, in a regulatory statement, clarified that the CCI issued a preliminary order on April 4, 2022, mandating the Director General's office to examine possible violations of the Competition Act.

In response, Zomato stated, “Since the intimation of April 5, 2022, the CCI, on merits, has not passed any order. The aforementioned news article is misleading.” The company further asserted, “We will continue to work with the CCI to explain why our practices comply with the Competition Act and they don’t have any adverse effect.”

Swiggy also addressed the media reports, expressing that some coverage confuses the investigative process with a final conclusion. "Based on order of the CCI dated April 5, 2022, the Director General probed certain aspects of the conduct of our business, and its inquiry and report of March 2024 is a preliminary step in an ongoing probe by the CCI, and not a final decision as some reports suggest,” Swiggy stated.

As Zomato and Swiggy continue to operate within the competitive landscape of India's hospitality and food retail sectors, both companies assert their commitment to regulatory compliance amid the ongoing CCI review.

Swiggy, India’s leading on-demand convenience platform, has expanded its leadership team to strengthen operations across its food delivery and quick commerce sectors. The new appointments of Shalabh Shrivastava as Senior Vice President of Driver Org and Hari Kumar G as Senior Vice President and Chief Business Officer for Swiggy Instamart aim to enhance Swiggy’s operational efficiency and market reach.

Shalabh Shrivastava, with over 25 years in e-commerce, retail, technology, consulting, and investment banking, joins Swiggy after his role as Vice President at Flipkart, where he focused on scaling supply chains and improving customer experience. His experience includes leadership roles at Reliance Retail, ICICI Bank, Ernst & Young, and Infosys. At Swiggy, Shrivastava will focus on optimizing Product and Operations for the company’s delivery fleet.

Hari Kumar G, who brings over a decade of experience in driving growth across various sectors, will lead Swiggy Instamart. His previous roles include leadership at Flipkart, where he managed categories like electronics, appliances, and groceries, as well as positions at Network18, CSC, and Cordys. Kumar's role at Swiggy will emphasize customer-centric growth and category expansion to strengthen Instamart’s competitive position in the quick commerce market.

Girish Menon, Chief Human Resources Officer at Swiggy said, “As Swiggy accelerates its innovation and expands into new categories and services, strengthening our leadership team is critical to driving the next phase of our growth. Hari and Shalabh bring deep expertise in scaling businesses and optimizing operations across dynamic, fast-paced industries. Their leadership will be pivotal as we continue to deliver unparalleled convenience to consumers.”

These appointments highlight Swiggy’s focus on scaling its operations and enhancing service delivery in both its food delivery and quick commerce divisions, supporting its ongoing growth in India’s retail and on-demand services market.

The Competition Commission of India (CCI) has concluded an investigation indicating that food delivery giants Zomato and Swiggy may have engaged in practices that disadvantage competition in India’s retail and hospitality markets. Allegations include preferential treatment for specific restaurant partners, which the CCI had deemed worthy of scrutiny after a complaint from the National Restaurant Association of India (NRAI) in April 2022. The initial findings were compiled in a report submitted earlier this year.

The CCI's Director General (DG) submitted the investigation report to the concerned parties, and subsequent hearings are expected. Based on these discussions, CCI will issue a final decision on the matter. The NRAI has reviewed a redacted version of the investigation report, shared with the association in March 2024. According to an NRAI statement, “In order to properly protect the interests of the market, we have petitioned the High Court very recently in November 2024 to request CCI to grant us access to the report in its entirety.” 

NRAI President Sagar Daryani expressed hope that the CCI would accelerate its review of additional issues raised in the 2022 petition. Swiggy also disclosed the CCI case in its Red Herring Prospectus for its recent Initial Public Offering, which concluded last Friday. The initial April 2022 order for the probe cited a “conflict of interest situation,” stating that an investigation was necessary to determine how certain private brands and entities may benefit from preferential treatment over others.

According to the CCI’s 2022 assessment, the preferential treatment potentially given to Restaurant Partners (RPs) in which platforms hold an equity or revenue stake could restrict other RPs from fair competition. The CCI noted that the platforms’ influence over search rankings, delivery management, and other critical areas could create an uneven playing field. Additionally, the commission flagged that Zomato and Swiggy's contracts with restaurant partners contained price parity clauses that prevent these restaurants from offering lower prices or greater discounts on their own platforms or other aggregators, helping to ensure that the minimum price or maximum discounts benefit the platforms exclusively.

Sagar Daryani, NRAI President said, “NRAI has been consistently raising the issue of anti-competitive and predatory practices of the food delivery aggregators for the last few years, and today, we are glad to read in the news that supposedly CCI has found some merits in our contention. I hope that CCI will also speed up the investigation on the other issues raised by the NRAI in its petition in 2022.”

Daryani further noted the importance of equitable market growth in India’s hospitality sector, stating, “We totally understand that the online business growth is an extremely important tool to grow the overall size of the sector and help India achieve the coveted target size of a $5 Trillion economy. However, it is imperative that the marketplaces like Swiggy and Zomato create a healthy and equitable market environment for the overall healthy growth within the sector.”

The NRAI initially brought its complaint against Zomato and Swiggy to the CCI in September 2021, citing concerns over practices including exclusivity agreements. In response, the CCI opened an investigation, during which NRAI members provided information to assist in assessing the impact of these practices on the market. Following its review of the redacted DG report, NRAI has petitioned the High Court to access the complete report, stating it remains committed to supporting a fair, competitive environment in line with Indian laws and regulations.

NRAI has refrained from commenting on the DG Report’s specific findings, as it remains a confidential document under CCI regulations.

Swiggy’s initial public offering (IPO) saw a 12 percent subscription rate on its opening day, with a significant portion of the bids coming from individual investors, while qualified institutional buyers (QIBs) contributed minimally. High net worth individuals (HNIs) subscribed to 6 percent of their designated portion, retail investors contributed 54 percent, and employees subscribed 74 percent. Notably, the retail investor quota for this IPO is set at 10 percent, much lower than the usual 35 percent, while 75 percent of shares are reserved for QIBs. For the IPO to fully succeed, QIBs will need to reach full subscription.

Swiggy has already allocated shares worth Rs 5,085 crore to anchor investors from the QIB quota, leaving it in need of around Rs 3,400 crore in additional bids from institutional investors, who are typically active toward the close of the IPO period.

Swiggy’s Rs 11,327-crore IPO ranks as India’s sixth-largest in the domestic market and the second-largest this year, following Hyundai. The IPO involves a fresh capital raise of Rs 4,499 crore, which Swiggy plans to use to expand its dark store network, invest in technology and cloud infrastructure, enhance brand marketing, and support growth initiatives. Additionally, the IPO includes a secondary share sale worth Rs 6,828 crore by 10 investors, including Tencent, Accel India, and Apoletto Asia.

The price range for Swiggy’s IPO is set at Rs 371-390 per share, valuing the company at Rs 87,300 crore at the upper limit.

Swiggy, one of India’s prominent food delivery and quick commerce platforms, has released its red herring prospectus, confirming the dates for its much-anticipated IPO. Scheduled to open on November 6 and close on November 8, the IPO includes a fresh issue worth Rs 4,499 crore, along with an offer for sale of 17.5 crore shares, as reported in the media.

The fresh issue size for Swiggy’s IPO has been revised to Rs 4,499 crore, an increase from the previously proposed Rs 3,750 crore, yet still within the board-approved limit of Rs 5,000 crore. The offer-for-sale component has been adjusted to 17.5 crore shares, reduced by 1 crore from the earlier proposal of 18.5 crore shares. Expected to be priced between Rs 371 and Rs 390 per share, Swiggy aims to raise approximately Rs 11,327.4 crore if the upper price band is achieved.

According to the filing, Swiggy's valuation at the higher end of the price range would reach Rs 87,299 crore ($10.38 billion), reflecting a minor reduction from its previous valuation target of $11.2 billion. Swiggy's latest financial report, included in the filing, shows that revenue for Q1 FY25 reached Rs 3,222.2 crore, up from Rs 2,389.8 crore year-over-year. However, the company reported a higher loss of Rs 611 crore after tax, compared to Rs 564.1 crore in the previous year.

Swiggy plans to allocate funds from the IPO towards its subsidiary, Scootsy, expand its dark store network supporting quick commerce, and enhance technology and cloud infrastructure. This IPO is set to be one of India’s largest, joining recent significant listings like that of Hyundai Motor.

Founded in 2014 and headquartered in Bangalore, Swiggy currently operates across over 580 cities, partnering with more than 200,000 restaurants throughout India.

Swiggy, a leading food delivery platform in India, has revised its IPO valuation to $11.3 billion, reflecting a 25 percent reduction from its initial target of $15 billion. This adjustment comes as market volatility and the underwhelming debut of Hyundai India affect investor sentiment, according to two sources.

The company plans to raise $1.4 billion in this IPO, which is set to be the second-largest stock offering in India this year. BlackRock and the Canada Pension Plan Investment Board (CPPIB) are among the investors participating in the offering.

Indian equity markets have faced challenges, with the benchmark Nifty 50 index declining over 8 percent from its record highs reached on September 27, marking four consecutive weeks of losses, the longest since August 2023. This downturn is attributed to ongoing foreign selling pressure.

The recent market activity was further complicated by Hyundai India's share price, which dropped 7.2 percent upon its debut, as retail investors showed a lukewarm response amid concerns over high valuations. Swiggy, supported by SoftBank and Prosus, is keen to avoid a similar lackluster reception for its IPO, especially in light of global uncertainties related to the upcoming U.S. presidential election on November 5. As a result, the company has opted to lower its valuation in consultation with investors.

A source familiar with the company's strategy noted that Swiggy aims to avoid a "bad IPO." In its last funding round led by Invesco in 2022, the company was valued at $10.7 billion. 

Competing with Zomato in India's online food delivery market, Swiggy and Zomato have both heavily invested in the burgeoning "quick-commerce" sector, which promises delivery of groceries and other products within 10 minutes. 

Despite recent market uncertainties, India's IPO landscape remains active, with approximately 270 companies raising $12.57 billion so far this year, surpassing the total of $7.4 billion raised in all of 2023.

Swiggy, a leading on-demand convenience platform in India, has launched a new initiative called "Swiggy Seal" aimed at improving hygiene and food quality standards across its extensive network of restaurant partners. By leveraging insights from over 7 million verified customer reviews collected over the last six months, the Swiggy Seal program seeks to enhance hygiene practices and food packaging in the hospitality sector, ensuring that customers receive clean, well-prepared meals.

This initiative, which is currently live in Pune, will be expanded across more than 650 cities by November. The program reflects the growing importance of hygiene in India's food delivery industry, where customers now place as much value on cleanliness and food safety as they do on taste.

The Swiggy Seal program focuses on providing restaurant partners with detailed feedback based on customer reviews, helping them improve in areas such as contamination prevention, optimal cooking methods, and packaging quality. Swiggy also offers dedicated account managers and regular reports to assist restaurants in reaching and maintaining these hygiene benchmarks. Additionally, restaurant partners will have access to educational webinars on hygiene best practices to ensure they maintain high standards.

To further support the initiative, Swiggy has partnered with FSSAI-accredited agencies, including Eurofins and Equinox, to offer professional hygiene audits at special rates. These audits will assess crucial areas such as food handling, contamination control, and overall cleanliness. Restaurant partners will also benefit from exclusive pricing on third-party cleaning and pest control services, helping them maintain their commitment to hygiene.

Deepak Maloo, Head of Customer Experience and Restaurant Experience at Swiggy Food said, “As Swiggy completes a decade in food delivery, we continue to believe that access to clean hygienic food is as important as food that tastes great. With the launch of the Swiggy Seal, we aim to support our restaurant partners with actionable insights to help them enhance hygiene standards. The Swiggy Seal empowers customers with the confidence to order what they want, backed by genuine customer reviews, while also supporting restaurant partners to step up through collaboration with experts.”

Restaurants that meet the required hygiene standards will receive the Swiggy Seal badge, which will be displayed on their menu pages to highlight their track record of serving safe, high-quality meals. The badge is awarded based exclusively on customer feedback, and Swiggy will monitor the performance of participating restaurants, with the option to revoke the badge if standards are not maintained.

Yash Chavan, owner of Fried Chicken Destination in Pune added "Happy to see Swiggy’s Seal program offering valuable insights related to hygiene, along with services that help us improve our standards further. This initiative not only benefits us but also assures customers about the hygiene track record. I appreciate the Swiggy team for providing detailed feedback and suggestions based on customer reviews."

The Swiggy Seal program is part of the company's broader effort to build trust among consumers and help restaurant partners uphold high hygiene standards. It underscores the platform's commitment to providing a positive and safe food ordering experience across India's hospitality industry. 

Rohit Kapoor, CEO of Food Marketplace at Swiggy, also shared the news of the initiative's launch on his LinkedIn profile, highlighting its potential to reshape hygiene practices in the food delivery sector.

Swiggy, one of India's leading on-demand convenience platforms, has officially launched its bulk order service, the Swiggy XL EV fleet. This fleet, which consists of electric vehicles (EVs), is designed to handle large food orders in a single trip, enhancing the efficiency of food delivery. After running a pilot in recent weeks, the service was formally introduced in Gurugram on the day of the Haryana elections.

To mark the launch, the Swiggy XL EV fleet delivered 3,500 meals to electoral officials at over 580 polling booths across the Gurugram and Badshahpur constituencies. The delivery service was provided free of charge to the District Administration, supporting the election process.

Sidharth Bhakoo, National Business Head of Swiggy Food Marketplace said, “The food delivery services are helping in the overall growth of the F&B sector in India by driving new consumption occasions, promoting supply proliferation, and enabling expansion of the consumer base. The festival season is perhaps the best time to launch this service... Swiggy XL will ensure that there is no interruption in parties and gatherings and no delay in large orders.”

Bhakoo also highlighted the environmental benefits of the service, stating that the entire fleet is electric, reducing the need for multiple delivery trips and minimizing the environmental footprint. The service’s temperature-controlled compartments ensure that large orders arrive fresh and on time.

In the coming weeks, the Swiggy XL EV fleet will expand to more cities, catering to growing demand for bulk orders. The fleet's inaugural delivery during the Haryana state elections is a significant milestone, serving meals to officials in the two largest constituencies by voter count. 

Dinker Vashisht, Vice President of Corporate Affairs at Swiggy said, “It is a privilege for us to assist in the election process. We have previously run awareness campaigns with the Election Commission of India in the Lok Sabha election. But this is the first time we are offering our food delivery services... Our services, which offer consumers a wide spectrum of alternatives with the right information, are a tribute to the spirit of Indian democracy.”

On the first day, a fleet of 20 Swiggy XL EVs delivered three meals—dinner on October 4, and breakfast and lunch on October 5—to polling officials.

Gurugram Deputy Commissioner Nishant Kumar Yadav praised Swiggy's efforts said, “More than 1,507 polling stations were set up in the four constituencies in the Gurugram district. It is heartening to see young homegrown tech start-up companies such as Swiggy recognize their citizen responsibility and support the electoral process in their way. I hope they continue to work in the same spirit in times to come.”

Swiggy’s initiative not only highlights its technological advancements but also showcases its commitment to sustainability and civic responsibility.

Bengaluru-based food delivery and grocery platform Swiggy on Thursday filed draft red herring prospectus (DRHP) with the markets regulator, SEBI. 

The company is planning to raise Rs 3,750 crore via fresh issue.

The IPO is a combination of fresh issue and offer-for-sale of 185,286,265 shares by existing investors. 

Many investors including Accel, Tencent, Elevation Capital, Norwest Venture are selling some of their shares.

Reports also suggests that Swiggy may take a decision to upsize the fresh issue component by another Rs 5,000 crore. Taking the total fresh issue component up to Rs 11,600 crore. The company will take this decision in an EGM expected to be held in the first week of October.

According to the DRHP the proceeds of the IPO will be used for investment in its subsidiary Scootsy, for expansion of its dark store network for its quick commerce segment, setting up dark stores, investment in technology and cloud infrastructure and funding its inorganic growth.

The company has reached a milestone of 112.7 million transacted users as of June 2024. It’s average monthly order frequency for the three months ended June 30, 2024 and 2023, and in financial years 2024, 2023 and 2022 was 4.50 times, 4.42 times, 4.48 times, 4.34 times and 4.14 times respectively.

Cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor-entrepreneur Ashish Chowdhry are among the notable investors who have acquired Swiggy shares, Economic Times reported.

Swiggy’s consolidated operating revenue for FY24 was at Rs 11,247.4 crore, which grew 36 per cent YoY. While losses have halved during the same period. Q1FY25 consolidated B2C gross order value (GOV) was at Rs 10,189.5 crore.
Net loss declined by 46 per cent to Rs 2,256 crore in FY24. Net loss for FY23 was at Rs 4,192 crore. The food delivery business reported Q1FY25 consolidated B2C GOV at Rs 10,189.58 crore.

Its food delivery services are available in 681 cities, Instamart (quick commerce) in 32 cities, Dineout in 52 cities and Genie in 69 cities.
 

Swiggy, India’s leading on-demand convenience platform, has introduced “Project Next,” a new initiative aimed at advancing career opportunities for its delivery partners while facilitating faster restaurant onboarding. This project is part of the broader “Swiggy Skills” initiative, which offers training, internships, and employment within Swiggy’s value chain.

Project Next focuses on transitioning qualified delivery partners into sales executives, enhancing Swiggy’s restaurant expansion efforts across over 150 emerging markets. Delivery partners who transition into this new role will take on responsibilities related to onboarding and managing Swiggy’s expanding restaurant network, with a particular focus on tier ll and tier lll cities.

"Swiggy works with nearly 4 lakh delivery partners across India. While many value the platform for flexible earning opportunities, some aspire for more. To empower this group, we launched Project Next under our Swiggy Skills initiative. This unique program helps delivery partners transition from 'blue collar' to 'white collar' workers. It is heartening to see that within weeks of launch, hundreds of partners under ‘Project Next’ have already onboarded over 360 restaurants," said Rohit Kapoor, CEO, Swiggy Food Marketplace.

In just five weeks, 100 Swiggy delivery partners have transitioned to sales executive roles, contributing to the onboarding of nearly 360 restaurants. The company plans to expand this initiative across 150+ markets, including cities such as Vadodara, Amritsar, Nashik, Agra, and Dharwad, to transition hundreds more delivery partners in the coming months.

Ravindra Khati, a 27-year-old delivery partner from Sikar, Rajasthan shared, “My experience as a Sales Executive at Swiggy has been incredibly rewarding, and I would love to advance my career within the company. Every day, I learn something new through my interactions with restaurant partners and senior colleagues. For the past few years, I've been trying to pursue a career as a government teacher but haven't been successful in securing a position. However, my role at Swiggy has sparked my interest in a career within the private sector, and I can now envision myself thriving in this environment."

Project Next is the latest effort under the larger “Swiggy Skills” initiative, which was launched in collaboration with the Ministry of Skill Development and Entrepreneurship, Government of India. The initiative aims to provide online skill development for nearly 2.4 lakh delivery partners, along with the staff of Swiggy’s 2 lakh restaurant partners. It also seeks to discover employment opportunities for 3,000 individuals in restaurant operations and retail management.

Swiggy Ltd., a prominent Indian food-delivery platform, is preparing to file for its domestic initial public offering (IPO) this week, according to sources familiar with the situation. The Bengaluru-based company aims to raise over $1 billion through the IPO, pending approval from India’s Securities and Exchange Board of India (SEBI).

The specifics of the offering, including its size and timing, are still being finalized and may change, the sources noted. Swiggy’s IPO would add to the robust pipeline of share sales currently taking place in India.

Founded in 2014, Swiggy collaborates with over 150,000 restaurants across India, providing extensive food delivery services. The company competes with Zomato Ltd., Amazon’s India unit, and Tata Group’s BigBasket.

Swiggy, which is backed by SoftBank Group Corp., is joining a growing list of companies looking to leverage India’s economic growth and attract global investors. This year has already seen approximately $7.8 billion raised through IPOs, surpassing the total from the previous two years.

Swiggy, a leading food and grocery delivery platform in India, is set to raise Rs 5,000 crore through a fresh issue as part of its upcoming Initial Public Offering (IPO). The decision to increase the fundraising target will be discussed at an extraordinary general meeting (EGM) scheduled for October 3, according to a formal notice sent to shareholders.

The Bengaluru-based company had initially planned to raise Rs 3,750 crore through a fresh issue, alongside an additional Rs 6,664 crore via an offer for sale. However, this revised figure of Rs 5,000 crore may be subject to change, pending final approval from shareholders. Swiggy has already made a confidential filing of its draft prospectus with the Securities and Exchange Board of India (SEBI) and received board approval for the public offering in April.

This move to raise additional funds comes as Swiggy strengthens its position in India’s competitive food delivery and quick commerce markets. Recently, Swiggy reported a 36 percent rise in operating revenue to Rs 11,247 crore for the fiscal year ending March 31, 2024. Despite this revenue growth, the company posted a net loss of Rs 2,350 crore, marking a 44 percent reduction from the previous year.

Swiggy continues to face stiff competition from Zomato in the food delivery sector and rivals such as Blinkit, Zepto, and BigBasket in the quick commerce segment, where its Instamart division plays a key role. 

In preparation for its IPO, Swiggy has seen several secondary transactions, with prominent investors acquiring stakes in the company. On August 28, Bollywood star Amitabh Bachchan’s family office bought a small stake, while Motilal Oswal Financial Services chairman Raamdeo Agrawal and Hindustan Composites have also secured shares in the business.

Swiggy’s IPO is shaping up to be one of the most highly anticipated public offerings, with the company looking to strengthen its financial foundation through the fresh issue. The final size of the IPO will depend on the outcome of shareholder discussions at the upcoming EGM.

Swiggy, India’s leading on-demand convenience platform, has unveiled a new Incognito Mode feature, allowing users to place private orders across food and quick commerce without these purchases appearing in their order history. This industry-first feature aims to offer customers a discreet ordering experience, ideal for occasions like surprise gifts, personal treats, or confidential purchases.

With many Swiggy accounts being shared among family members, friends, or partners, not every order is meant to be seen by others. Incognito Mode offers a solution by ensuring these orders are kept private. Whether users are ordering a midnight cake for a surprise birthday celebration or making personal purchases like wellness products on Swiggy Instamart, Incognito Mode provides a layer of privacy by keeping such transactions hidden from the main order history.

Rohit Kapoor, CEO of Swiggy’s Food Marketplace said, “Even as we lead increasingly social lives, there are certain purchases we want to keep private. Incognito Mode is designed to address this need, ensuring that users can make private choices without them being visible in shared accounts. We’re thrilled to offer this new feature, which aligns with Swiggy’s commitment to providing a seamless, privacy-centric experience.”

Currently available to 10 percent of Swiggy users, the feature will be rolled out to all users soon, enhancing customer privacy across Swiggy Food and Instamart.

Using Incognito Mode is straightforward. Once users activate the feature via a toggle in their cart, the system provides a reminder that Incognito Mode is enabled. After the order is delivered, it remains trackable for three hours for any post-delivery concerns, after which it is automatically removed from the order history, maintaining the privacy of the purchase.

Swiggy’s recent feature updates, including Group Ordering, Eatlists, Explore Mode, and Similar Carts, demonstrate the company’s ongoing efforts to enhance user engagement and convenience on the platform. With the introduction of Incognito Mode, Swiggy continues to lead the way in innovation, offering tailored features that cater to evolving customer needs in India’s retail and food delivery landscape.

Swiggy, a major player in India’s food delivery and quick commerce market, has reported robust financial figures as it prepares for its upcoming Initial Public Offering (IPO). The Bengaluru-based company's operating revenue grew by 36 percent to Rs 11,247 crore in FY24, according to documents shared with its investors. Despite the growth, Swiggy managed to reduce its losses by 44 percent to Rs 2,350 crore during the same period. These numbers, though not yet audited, were first reported by The Arc.

In the first three-quarters of FY24, Swiggy posted a revenue of Rs 5,476 crore, with a reported loss of Rs 1,600 crore. The company has also attracted strategic investments from Amitabh Bachchan's family offices and Hindustan Composites, positioning itself for further growth in the Indian retail and food delivery markets.

Swiggy’s core food delivery business grew by 17 percent to reach Rs 6,100 crore in FY24. Its quick commerce arm, Instamart, contributed Rs 1,100 crore in gross revenue for the same period. Despite these gains, Swiggy faces competition in the quick commerce segment, where Blinkit, owned by Zomato, holds the largest market share. According to a report from USB, Blinkit leads the market, followed by Swiggy Instamart, Zepto, and BigBasket.

In comparison, Zomato’s overall revenue for FY24 surged by 71 percent to Rs 12,114 crore. Of this, Rs 6,161 crore came from its food delivery business, while Blinkit added Rs 2,301 crore from quick commerce.

Swiggy, which became part of the Decacorn club after its last equity funding round in January 2022, filed for its IPO through a confidential route in May. The company plans to raise up to Rs 3,750 crore via a fresh issue of equity shares and an offer for sale totaling up to Rs 6,664 crore.

As the IPO approaches, Swiggy's financial performance will continue to be closely watched, especially as it competes with Zomato in both the food delivery and quick commerce sectors in India.

Swiggy, the SoftBank-backed food delivery giant, is preparing for a significant initial public offering (IPO) in India, targeting a valuation of approximately $15 billion. The company aims to raise between $1 billion and $1.2 billion through this offering, making it one of the most substantial IPOs in India this year.

Swiggy, which competes with Zomato in the online food delivery sector, has invested heavily in the quick commerce segment, where groceries and other products are delivered within 10 minutes. This sector is becoming increasingly competitive and is seen as a key growth area for the company.

In April, Swiggy received shareholder approval to proceed with the IPO, targeting up to $1.25 billion in capital. The company is awaiting approval from the Securities and Exchange Board of India (SEBI) for its confidential filing, which is expected to be cleared within a month. Upon approval, Swiggy will move forward with filing a public prospectus.

Swiggy's last funding round, led by Invesco in 2022, valued the company at $10.7 billion. The final valuation for the IPO could vary, but the target is around $15 billion. The proceeds from the IPO are expected to be used to expand Swiggy’s quick commerce Instamart business and to open additional warehouses to strengthen its position against Zomato.

Zomato, which went public in 2021, has seen its market valuation more than double, currently standing at around $28 billion. Swiggy is looking to capitalize on similar growth in the quick commerce sector. According to a Goldman Sachs report cited by Reuters, quick deliveries accounted for $5 billion, or 45 percent, of India's $11 billion online grocery market in 2022, with the segment expected to grow to a 70 percent share by 2030.

While Swiggy's food delivery operations are profitable, its Instamart grocery delivery service continues to operate at a loss. The company currently operates around 550 grocery warehouses across 35 cities in India.

In related news, e-commerce giant Amazon has reportedly shown interest in Swiggy's Instamart business, although no official offer has been made. Discussions are said to be in the early stages, and the complex nature of the potential deal may pose challenges.

Swiggy, India's leading on-demand convenience platform, recently introduced a new Group Ordering feature, which proved to be particularly useful during the Raksha Bandhan celebrations. Launched just a week before the festival, this feature aims to simplify the process of ordering food for occasions, gatherings, and parties. In one notable instance, a family in Bangalore used the Group Ordering feature to coordinate a single order involving 34 people, making their Raksha Bandhan celebration seamless.

The feature, which was rolled out nationwide ahead of the festive season, allows users to select a restaurant and create a group order. Swiggy has also announced plans to introduce bill-splitting options soon. During Raksha Bandhan, the platform observed significant engagement with this new offering:

• Group orders increased by 15 percent compared to usual orders on Raksha Bandhan.
• The highest average order value for group orders surged by 20 times.
• A single group order reached a value of Rs 7,329.

Group Ordering is designed to be versatile, catering to a variety of occasions, from festivals and game nights to professional events like team lunches and meetings.

Rohit Kapoor, CEO of Swiggy Food Marketplace said, "Whether you’re celebrating a festival, having a get-together, or just hanging out with friends, managing everyone’s food order can be a real hassle. That’s why we introduced Group Ordering just in time for the festive season. It’s already proving to be a hit—on Rakhi, for instance, we saw a 15 percent increase in group orders. It’s evident that people appreciate how this feature simplifies the ordering process, allowing them to focus on enjoying their time together."

The Group Ordering feature is straightforward to use. A user starts by selecting a restaurant on the Swiggy app and clicking on the "Group Order" tab located at the top right corner of the restaurant page. They can then share the cart link with all participants, who can browse the menu and add their chosen items. Once everyone has made their selections, the host reviews the final cart before placing the order. This process ensures that each person gets exactly what they want, reducing the burden on the host to manage everyone's preferences.

Swiggy's Group Ordering feature is expected to become increasingly popular, especially during festive seasons and group events, providing a convenient solution for collective food ordering.

In today's competitive food delivery landscape, standing out from the crowd is crucial for a restaurant's success. Swiggy, India's pioneering on-demand convenience platform has today launched a suite of off-app marketing solutions designed to elevate the presence and drive customer engagement for restaurant partners. 

This offering, accessible to partners PAN-India, aims to support restaurants to boost their online brand presence by leveraging social media platforms such as Facebook, Instagram and WhatsApp.

Ajit Panigarhi, AVP of Restaurant Marketing and Growth, at Swiggy said, “Restaurants today face immense competition and need more than just great food to attract customers. Our new set of marketing services helps brands grow their customer base by combining the reach and engagement of channels like influencer marketing, social media, and WhatsApp and the ability to acquire new users through the Swiggy platform. With this, we bring the combined power of social media and Swiggy even to the smallest of the Restaurant partners to solve for “restaurant growth” - a key problem statement for the restaurant partners.”

This initiative is part of Swiggy’s vision of creating a strong Restaurant Partner Ecosystem, providing support services and effective solutions to meet the challenges faced by the industry today.  Previously, Swiggy announced ‘Staffing Support’ an initiative to help partners hire ground staff at their set-ups.  Additionally, Licensing support was launched to help restaurants get new / renew licenses such as FSSAI, GST and Trademark. Swiggy also introduced SmartLinks, a feature that allows restaurants to generate tailored marketing links for their promotions, further driving traffic and engagement.

This initiative is now live across India. Interested restaurant partners can participate by accessing this service via the Restaurant Services icon on the Swiggy Owner app. 

Swiggy, India’s pioneering on-demand convenience platform has announced the launch of Market Intelligence Dashboard, a powerful tool designed to provide restaurant partners with comprehensive and actionable insights into their performance vis à vis the market. 

This new dashboard aims to equip restaurants with the data they need to enhance their business strategies and operational efficiency.

The dashboard offers distinct insights to support various aspects of a restaurant’s operations:

1.    Overview Tab: Provides a holistic view of a restaurant's performance compared to the market, including key metrics like business, operations, customer, and spending. This tab offers an overall score and scores in each area, allowing partners to benchmark their performance. 

2.    Business Metrics Tab: Focuses on essential business indicators such as order growth and average order value. This tab benchmarks these metrics against industry best-in-class, helping restaurants identify areas for business growth and improvement.

3.    Operational Metrics Tab: Evaluates operational efficiency through metrics like order cancellations, availability, and customer complaints. By highlighting areas needing attention, this tab ensures that restaurants can maintain high standards of service consistently.

4.    Funnel Metrics Tab: Analyses customer behaviour and conversion rates, providing insights into how customers interact with the restaurant’s menu and services. This information is vital for optimizing menu offerings and improving overall customer satisfaction.

5.    Spend Metrics Tab: Tracks marketing investments on Swiggy, including ads and discounts. This tab allows restaurants to measure the effectiveness of their marketing effort, helping them to optimize their marketing spend.

“The Market Intelligence Dashboard is a powerful tool for our restaurant partners, helping them navigate a highly competitive food delivery industry. It effectively helps partners benchmark their performance versus the best in class, understand their areas of improvement or strength and make informed business decisions,” shared Deepak Maloo, AVP – Supply.

The Market Intelligence Dashboard is available to all of Swiggy’s restaurant partners, offering them the convenience of a self-serve format. This accessibility ensures that restaurants of all sizes can leverage the tool to enhance their competitive edge.

Swiggy has announced its fifth employee stock ownership plan (Esop) buyback, totaling $65 million across various levels. This move marks a cumulative Esop liquidity of over Rs 1,000 crore across five events, benefiting more than 3,200 employees.

Girish Menon, head of HR at Swiggy highlighted, "Employees owning shares of their company creates alignment of incentives and a sharp focus on collaborative excellence, which is a virtuous cycle that we believe in and espouse." He further emphasized that the Esop event reflects Swiggy's commitment to recognizing employee contributions and sharing its success and growth.

This buyback underscores Swiggy's ongoing efforts to incentivize and retain talent through ownership opportunities, reinforcing its commitment to fostering a culture of mutual success and engagement.

Swiggy, India's leading on-demand convenience platform, has launched 'Eatlists,' a groundbreaking feature in food delivery aimed at transforming how users discover and share food recommendations. This innovative feature allows food enthusiasts to create and share curated lists of their favorite dishes directly within the Swiggy app, similar to creating and sharing music playlists. This development highlights Swiggy's commitment to enhancing the retail food experience in India.

Swiggy's in-app insights reveal that 58 percent of users struggle with indecision when selecting meals, and 68 percent rely on recommendations from friends and peers. These statistics indicate a fragmented and time-consuming process involving multiple platforms for reviews and orders. In response, Swiggy aims to simplify discovering, saving, and sharing food recommendations within its app, offering users unparalleled convenience and choice.

Key Benefits of Eatlists:

• All Favorites in One Place: Users can create themed lists of their favorite dishes for easier browsing.
• Seamless Sharing: Share curated Eatlists with other food lovers, enabling them to discover new dishes and restaurants.
• Instant Access: Access lists created by users or others, ensuring a continuous stream of food recommendations.

Rohit Kapoor, CEO of Food Marketplace Swiggy stated, "Before social media and other digital channels, food was the original form of community building. Sharing meals brought people together. Eatlists brings the best of both worlds: the ability to create and share your food identity with the world while discovering new favorite dishes through thousands of Eatlists curated by fellow food lovers and experts, both in your city and beyond.”

How It Works:
Users can start creating Eatlists by tapping the bookmark icon against their favorite dishes and saving them under different Eatlists. They can name their lists anything from "Weekend Treats" and “The Answer is Always Biryani” to "Healthy Bites.” Once curated, users can share these lists with friends and family directly through social media apps like WhatsApp and Instagram. They can also browse Eatlists created by others, such as "Late-night Cravings in Mumbai" or "Top Street Foods in Delhi," making meal choices more social and fun.

The Eatlists feature will be available on the Swiggy user's food home page and their profile page, ready to be created, shared, and enjoyed. This initiative underscores Swiggy's commitment to enhancing the retail food experience in India by leveraging technology to simplify and enrich the way users discover and share their favorite meals.

Swiggy, the on-demand convenience platform, has launched 'Explore' to revolutionize food discovery for users. Addressing the common challenge of repetitive orders, this feature allows users to broaden their culinary horizons effortlessly.

'Explore' offers personalized suggestions, recommending new restaurants, cuisines, and dishes based on users' preferences. Backed by reasons and social proof, each recommendation encourages users to try something different. It also highlights award-winning and trending dishes, helping users uncover hidden culinary gems.

Rohit Kapoor, CEO of Swiggy's Food Marketplace, explained, “Swiggy has thousands of unique dishes on the platform, yet most users typically repeat the same 8-10 dishes. The Explore feature introduces personalized options to users, offering a chance to discover a new dish, a new restaurant, or even a trending dish they may not have tasted before."

Besides benefiting users, 'Explore' provides an opportunity for restaurants to showcase their offerings and experiment with new dishes and cuisines. Sandhya Seshadri, owner of Choux Box Patisserie, expressed her satisfaction, “Swiggy is helping us reach more customers via their Explore feature.”

Accessible through Swiggy's food ordering page, 'Explore' enables users to explore a curated selection of legendary eateries, hidden gems, bestseller dishes, and favorite cuisines from new restaurants.

Swiggy, India's leading on-demand convenience platform, has introduced two new health initiatives aimed at improving the well-being of its delivery partners. In collaboration with Dial 4242 and the Reliance-powered Visit app, Swiggy has launched Mobile Medical Units (MMUs) and Teleconsultation Services as part of its 'Delivering Safely' charter.

Mobile Medical Units
Partnering with Dial 4242, Swiggy has rolled out Mobile Medical Units to offer comprehensive healthcare services to its delivery partners. These units are stationed at key locations and provide health check-ups, including vital sign monitoring, identification of health issues, and first aid for minor injuries. Additionally, vision screenings and eye care services are available from dedicated optometrists. Health education sessions are also conducted to promote wellness and preventive care. Starting in Bangalore, these MMUs will be deployed across various city locations, benefiting around 200 delivery partners daily.

Teleconsultation Services
Swiggy has also teamed up with the Reliance-powered Visit app to offer teleconsultation services to all delivery partners and their families. This initiative provides virtual access to specialized doctors in General Medicine, Gynecology, Orthopedics, and Pediatrics. Delivery partners will also receive prescribed medicines at subsidized rates, ensuring access to necessary healthcare.

Mihir Shah, Head of Operations at Swiggy said, "Ensuring the safety and well-being of our delivery partners has always been a priority for Swiggy, leading to many initiatives like on-demand ambulance, paid period time off, telemedicine facilities, and summer recharge zones. The introduction of mobile medical units and teleconsultations is another step in this direction. Our delivery partners are always on the go, but their health should not take a backseat. These mobile medical units reach them where they are, encouraging them to prioritize their health. By providing access to essential healthcare services, we aim to promote a culture of wellness among our delivery partners."

Both initiatives will be expanded to other cities in the coming weeks. This launch builds on the successful implementation of other initiatives like the on-demand ambulance service introduced in 2022, reinforcing the company’s dedication to the health and safety of its delivery partners through the 'Delivering Safely' charter.

Bengaluru based food delivery platform Swiggy has received shareholders' approval for an initial public offering to raise Rs 10,414 crore fund through issue of fresh equity shares and an offer for sale.

According to reports, a special resolution was passed at an extraordinary general meeting of Swiggy on April 23.

The Bengaluru-based company plans to raise up to Rs 3,750 crore funds through fresh equity shares, in addition to an offer-for-sale component of up to Rs 6,664 crore.

The company is looking to shore up about Rs 750 crore from anchor investors in a pre-IPO round, they added.

Started in 2014, Swiggy has a valuation of USD 12.7 billion as on April 10, 2024. Its annual revenue stood at USD 1.09 billion as on March 31, 2023.

The company has more than 4,700 employees, according to Tracxn, a global startup data platform.
 

Swiggy has released its analysis of Ramzan orders, highlighting the country's ongoing fondness for Biryani during the sacred month.

Nearly 6 million servings of Biryani were ordered during this period, representing a 15% surge compared to typical months.

Hyderabad notably led the pack with over a million Biryani servings and 530,000 portions of Haleem. Time-honored favorites such as Biryani, Haleem, and Samosa remained staples on the Iftar menu, reaffirming their appeal during Ramzan.

During Ramzan, Swiggy experienced a 34% surge in Iftar orders from 5:30 to 7 pm. Nationally, the top items ordered for Iftar included Chicken Biryani, Mutton Haleem, Samosa, Falooda, and Kheer.

Across the country, there was a notable uptick in orders for popular dishes during Ramzan compared to regular days.

Haleem witnessed a substantial increase of 1454.88%, followed by Phirni with an 80.97% rise. Malpua orders escalated by 79.09%, while Falooda and Dates saw increases of 57.93% and 48.40% respectively.

During Ramzan, Mumbai, Hyderabad, Kolkata, Lucknow, Bhopal, and Meerut experienced a significant surge in orders for Iftar desserts like Malpua, Dates, and Phirni.

Swiggy has officially transformed from a private limited company to a public limited one in anticipation of its upcoming stock market debut later this year, as per documents filed with the Registrar of Companies.

The holding company of the prominent food-delivery and quick-commerce leader has been renamed from Swiggy Private Limited to Swiggy Limited.

This adjustment coincides with the company's intentions to submit a draft red herring prospectus in the coming months, paving the way for an anticipated $1 billion initial public offering towards the end of the year.

Swiggy is part of a cohort of modern internet firms aiming to debut on public stock exchanges.

Towards the end of last year, companies such as Ola Electric, FirstCry, and Awfis submitted their draft IPO documents.

Additionally, Honasa Consumer, the parent company of beauty and personal care brand Mamaearth, made its public debut in November.
 

Swiggy's delivery partners will utilize the renowned Shikharas of the city to make deliveries directly to the doorsteps of the houseboats.

Swiggy is a leading on-demand convenience platform in India, has expanded its services to include tourists residing on houseboats on the renowned Dal Lake in Srinagar.

This endeavor broadens Swiggy's delivery coverage to encompass the scenic water routes of Srinagar, offering a unique dining experience amidst the tranquil charm of Dal Lake.

Swiggy has collaborated with Shikara operators who will support local delivery partners experienced in navigating Shikaras to reach the houseboats.

Recognizing that these deliveries might take longer compared to road deliveries, appropriate compensation is provided for their time.

This initiative creates fresh avenues for restaurants to reach customers in distinctive settings and deliver their cuisines directly to their doorsteps.

"The Swiggy houseboat delivery is a great example of Swiggy’s mission of offering unparalleled convenience, no matter where the consumer is, Our food delivery by Shikhara initiative exemplifies our commitment to meeting the diverse needs of our customers, whether they're exploring the city streets or relaxing on a houseboat." said Sidharth Bhakoo, National Head of Business, Swiggy Food.

 Swiggy, which commenced its services in Srinagar in 2022 has a roster of more than 300 restaurants on its platform, catering to a diverse range of cuisines for both residents and visitors.

Swiggy has revealed the selection of Suparna Mitra as an Independent Director for its Board, announced today.

“We are excited to welcome Suparna as an independent director to our board. With her remarkable career and extensive experience in lifestyle and retail industries, along with her refreshing perspectives as a leader, we are confident that she will bring valuable insights and expertise to our Board as our business enters its next era of growth." said Sriharsha Majety, Group CEO of Swiggy.

Suparna Mitra joins an esteemed roster of independent directors at Swiggy, which includes Anand Kripalu, Managing Director & Global CEO at EPL Limited and Chairperson of the Swiggy board, Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates, and Sahil Barua, Managing Director & CEO at Delhivery.

"Having seen Swiggy revolutionize on-demand convenience through innovation and customer-centricity, I’m excited by this opportunity. I look forward to collaborating with the Board members and management team of Swiggy; aimed at value-creation and values-based governance,” said Suparna Mitra on her appointment.

Suparna Mitra, CEO of Titan Company Limited's Watches and Wearables Division has a wealth of over three decades in the lifestyle and retail sector. Armed with an electrical engineering degree from Jadavpur University and an MBA from IIM Calcutta, she has occupied pivotal positions such as Global Marketing Head at Titan.

Suparna actively contributes to IIM Kozhikode's Board of Governors and has garnered esteemed accolades for her business prowess.

Her strategic leadership propels Titan's growth trajectory, cementing her status as a prominent figure within the industry.

After serving for three and a half years, Karan Arora, Vice President and Head of Supply Chain Management (SCM) at Swiggy Instamart, has announced his resignation from the company.

Arora's departure adds to the increasing number of Vice Presidents (VPs) and Senior Vice Presidents (SVPs) who have exited Swiggy in the past year.

In a LinkedIn post, Arora expressed the conclusion of his exhilarating journey with Swiggy Instamart after dedicating 3.5 years to its development.

Arora remarked that while e-commerce offers a platform for exponential growth, he also recognizes the rapid pace of disruptions in this sector. He expressed excitement about teaming up with Karthik Gurumurthy to co-found something innovative.

In April 2023, Dale Vaz, the former Chief Technology Officer (CTO) of Instamart, resigned to embark on his own entrepreneurial journey.

Following Vaz's departure, Ashish Lingamneni, who served as the Vice President and Head of Brand and Product Marketing, left the company in May.

Lingamneni's exit came shortly after Nishad Kenkre, the Vice President and Head of Revenue and Growth, had already departed from Instamart a few weeks prior.

Regarding Arora's departure, a spokesperson from Swiggy informed IANS, "During his tenure spanning over 3.5 years, Karan has played a significant role in establishing Swiggy Instamart. As he ventures into entrepreneurship, we offer our best wishes and complete support from the Swiggy team."

Additionally, other notable executives who have exited Swiggy include Anuj Rathi, Sidharth Satpathy, and Karthik Gurumurthy.

Swiggy has revealed intriguing findings about the nation's affection for Idlis as it marks World Idli Day annually on March 30th.

The examination, spanning from March 30, 2023, to March 25, 2024, illuminates the widespread fondness for this South Indian specialty among Indian consumers.

Over the last year, Swiggy has distributed millions of servings of Idlis, highlighting the dish's significant appeal across the country. Bangalore, Hyderabad, and Chennai stand out as the top three cities for Idli orders, with Mumbai, Pune, Coimbatore, Delhi, Vizag, Kolkata, and Vijayawada closely following suit.

A Swiggy customer from Hyderabad has distinguished themselves for their adoration of Idlis, having invested an astounding INR 7.3 lakh on this South Indian favorite in the past year.

The examination also discloses that the prime period for Idli orders spans from 8 AM to 10 AM, with individuals from cities such as Bangalore, Hyderabad, Chennai, Coimbatore, and Mumbai also relishing Idlis during dinner hours.

The traditional plain Idli stands out as the preferred choice across all urban centers, typically ordered in servings of two pieces.

In Bangalore, Rava Idli holds a distinct appeal, while ghee/neyi karam podi Idli gains favor in Tamil Nadu, Andhra Pradesh, and Telangana. Additionally, Thatte Idli and mini Idli consistently feature in Idli orders across various cities.

According to Swiggy's findings, Idlis hold the position of the second most frequently ordered breakfast item on the platform, trailing closely behind masala dosa.

As per Swiggy's observations, the majority of customers opt to complement their favorite Idlis with accompaniments such as sambar, coconut chutney, karam podi, medu vada, saagu, ghee, red chutney, Jain sambar, tea, and coffee.

Swiggy underscores the leading eateries celebrated for their delectable Idlis: Asha Tiffins in Bangalore, A2B - Adyar Ananda Bhavan in Bangalore and Chennai, Varalakshmi Tiffins in Hyderabad, Sree Akshayam in Chennai, and Veena Stores in Bangalore.

Swiggy has introduced a nationwide road safety initiative called 'Delivering Safely,' reinforcing its dedication to ensuring the well-being of its delivery partners.

As a prominent figure in food, quick commerce, and various on-demand services, Swiggy operates with over 300,000 delivery partners across more than 600 cities nationwide.

Swiggy's delivery partners collectively cover an impressive distance of 3.6 billion kilometers annually, equivalent to approximately 90,000 trips around the Earth's equator.

In recent years, Swiggy has been actively engaged in raising awareness among its delivery partners, simplifying the process for them to report safety incidents and enabling Swiggy to take prompt action.

"Swiggy's mission is rooted in making urban life more convenient for our customers. Improving road safety in our cities is not just a goal; it's a necessity for enhancing the daily lives and safety of everyone. Congestion is a genuine concern, and as providers of food delivery, quick commerce, and other on-demand services, we believe we're playing a practical role in alleviating this issue." said Rohit Kapoor, CEO of Food Marketplace, Swiggy.

Swiggy ensures comprehensive support for its delivery partners' safety and well-being through various initiatives. This includes accidental medical coverage providing INR 2 lakh for medical expenses and INR 10 lakh as death cover, with over INR 31 Crores disbursed in insurance claims during FY23.

Additionally, Swiggy introduced an industry-first on-demand ambulance service, with an average response time of 11 minutes, for its delivery partners and their families.

In the event of any incident, Swiggy guarantees a minimum income to delivery partners to aid in their recovery, aligned with the average earnings in their respective cities.

Road safety awareness workshops are conducted in collaboration with state traffic police departments to promote safe driving practices, complemented by access to advanced safety gear.

Furthermore, Swiggy is developing an advanced telematics project to monitor driving behaviors and provide specialized training to at-risk delivery partners based on data analysis.

Indian Railway Catering and Tourism Corporation (IRCTC) has joined hands with online food delivery platform Swiggy to deliver food at Bangalore, Bhubaneshwar, Visakhapatnam and Vijayawada railway stations. 

The service is to begin from March 12, adding 59 other stations in next six months.

IRCTC is already in partnership with Zomato for food delivery across 63 stations on Indian Railways network.

“This partnership with Swiggy will bring more convenience and food options to our passengers, making their journeys more memorable,” shared Sanjay Kumar Jain, Chairman and Managing Director, IRCTC.

According to IRCTC, passengers travelling in reserved coaches can order food from Swiggy. The unreserved passengers have been excluded from this service as it requires a PNR number.

Passengers have to put PNR on the IRCTC app, then select the preferred station for food delivery, browse the list of restaurants on Swiggy, and choose a restaurant that is delivering at the specified location and time. The charges will be normal and competitive, mentioned Swiggy.

The food delivered to passengers will be packed in insulated Swiggy bags to keep the meal warm and fresh. Swiggy’s delivery partner would reach the selected platform minutes before delivery, hand over the food to the customer and mark the food delivered.

“The Indian Railways transports more than 8 billion passengers annually. If, during these rail journeys, which traverse across states and districts, one has the option to order meals to explore the culinary diversity of India, it would make the experience more convenient and enjoyable, and add to the overall vividness of the train travel,” added Rohit Kapoor, CEO, Food Marketplace, Swiggy.

Swiggy’s support agents will be trained in resolution process and cancellation policies as well.
 

Swiggy announced that Mallika Srinivasan has resigned from her role as an independent director, approximately one year after assuming the position.

Swiggy's statement on February 8 revealed that Srinivasan departed due to growing business obligations. As the managing director of Tractor and Farm Equipment, her replacement at Swiggy has not yet been disclosed.

According to a report, this transition occurs as the company prepares for its upcoming initial public offering (IPO), with plans to file draft public offerings in the forthcoming months.

Sidharth Satpathy, formerly the vice president overseeing categories and business operations at Instamart's e-commerce division, tendered his resignation on January 9.

Anirban Roy, currently the head of performance marketing at Amazon India, will assume his role. Additionally, Karthik Gurumurthy, previously the senior vice president at Instamart, also resigned from his position.

Dale Vaz, who served as the chief technology officer, has also departed from the company. Phani Kishan, one of Swiggy's co-founders, has taken on the responsibility of overseeing operations at Instamart.

A report mentioned that in 2022, Rohit Kapoor assumed the role of chief executive officer to lead the company's primary food delivery operations.

Additionally, it was reported that Nishad Kenkre, who served as the VP overseeing revenue and growth at Instamart, and Ashish Lingamneni, the VP responsible for brand and product marketing, also departed from the company last year.

According to a MoneyControl report, Tata Group is said to be gearing up for an entry into the online food delivery industry.

Utilizing the government's Open Network for Digital Commerce (ONDC), Tata's 'super app', Tata Neu, aims to launch its own food ordering service. The report, referencing four informed individuals, highlighted these upcoming developments.

The Tata Neu app currently features a food category section, displaying menus exclusively from restaurants affiliated with the Tata Group's hotel company, which operates the Taj brand.

The report suggests that integrating with ONDC could enable the app to access a wide range of eateries across various cities already connected to the network.

As per the report, Swiggy and Zomato dominate over 95 percent of the food delivery market. Additionally, the two companies collectively processed nearly USD 6 billion in gross order value during the fiscal year 2023.

According to the report, Gaurav Porwal, a senior vice president at Tata Digital, is spearheading the ONDC initiative at Tata Neu.

This branch of the conglomerate also encompasses acquired consumer internet ventures such as the online grocer BigBasket and online pharmacy 1mg.

The report indicates that Tata Neu will function as a buyer-side application within ONDC, operating in the business-to-consumer capacity.

This approach is anticipated to make its foray into food ordering cost-efficient, as it won't require deploying a fleet of delivery riders or persuading restaurants to list on the app.

In the government-supported network, a single entity isn't required to manage every aspect of an e-commerce transaction independently.

Various participants can handle customer orders, logistics, and merchant onboarding collectively.

The report further mentioned that Tata Neu is collaborating closely with Magicpin, supported by Zomato, for its ONDC integration.

This Gurgaon-based startup is assisting the company as a technology service provider for the front end.

Magicpin has also aided other firms, including fintech leader Paytm and ride-hailing service Ola, in integrating with ONDC.

Additionally, Magicpin holds the distinction of being the foremost seller-side platform on ONDC with regard to restaurant enlistment.

The startup has successfully onboarded over 50,000 eateries onto the network. Magicpin fulfills three roles within ONDC: technology service provider, seller-side application, and buyer-side application.

Swiggy today announced a significant addition to its senior leadership team with the appointment of Ashwath Swaminathan as Chief Growth & Marketing Officer. 

Ashwath will be responsible for building and executing Swiggy’s growth and marketing strategy designed to engage new and returning customers, driving innovation, and exploring strategic collaborations to strengthen its market position. 

“Ashwath brings with him the right experience and a strong track record of strengthening consumer brands and growth marketing through data-driven insights and strategic collaborations. He joins Swiggy at a time of unprecedented opportunity, and we’re excited by the critical role he will play in bringing our mission of unparalleled convenience to life,” shared Sriharsha Majety, Group CEO of Swiggy.

Prior to joining Swiggy, Ashwath served as the Vice President of the Oral Care & Deodorants business at Hindustan Unilever Limited (HUL). With over two decades of experience, he brings a wealth of knowledge in consumer insights, marketing, and business innovation across categories such as tea, coffee, makeup, skincare, oral care & deodorants. His impressive track record at HUL includes leading the development of the green tea category, accelerating Lakme’s growth by making it a purpose-led future-fit brand and delivering high growth on oral care to make HUL a strong no.2 player.

“Swiggy is a well-loved and fast-growing brand. I look forward to helping elevate the Swiggy brand for the next chapter of innovation and growth and make it an iconic brand by offering unparalleled convenience to urban Indians,” added Ashwath Swaminathan, Chief Growth & Marketing Officer, Swiggy.

Swiggy has further fortified its leadership team with key appointments, welcoming industry experts to pivotal roles. The recent additions include Anirban Roy - VP - Growth, Revenue & Category, Swiggy instamart and Dipak Krishnamani - VP Swiggy Mall.
 

Swiggy, the food and grocery delivery company, witnessed a significant 45% surge in operating revenue for the fiscal year concluding in March 2023, reaching Rs 8,265 crore.

Despite this growth, the company experienced a 15% increase in net loss, totaling Rs 4,179 crore.

The company supported by Prosus, presently preparing for its initial public offering (IPO), invested substantially in the expansion of its quick-commerce segment, Instamart, during the reviewed fiscal year.

According to regulatory documents obtained from Tofler, Swiggy incurred significant expenses amounting to Rs 12,884 crore in the fiscal year ending in 2023, reflecting a notable 34% year-on-year increase.

Apart from the procurement of stock-in-trade, Swiggy's most substantial cost category was advertising and promotional expenses.

The company's marketing expenditure rose to Rs 2,362 crore, constituting 28% of operating revenue in FY23, a decrease from 44% in FY22.

Employee benefit expenses at Swiggy, headquartered in Bengaluru, increased to Rs 2,130 crore in FY23, compared to Rs 1,708 crore in the preceding year.

In January of the previous year, Swiggy had undertaken a companywide restructuring initiative, resulting in the termination of 380 employees.

In May of the preceding year, Sriharsha Majety, Swiggy's co-founder and CEO, announced that the company's food delivery segment had achieved profitability by March 2023, accounting for all corporate costs except for employee stock option costs.

Swiggy, India's one of the leading on-demand convenience platform, is marking a significant milestone in its nationwide expansion. 
Coinciding with India's 75th Republic Day celebrations, Swiggy is now debuting its food delivery services in the island city of Agatti in Lakshadweep. 

As the first online food delivery platform to enter Lakshadweep, Swiggy will be introducing the convenience of food delivery to the locals while also ensuring tourists can experience food from the best local restaurants just the way they do back in their hometowns. 

A culinary paradise at your doorstep

For an island that is very attractive to tourists, Swiggy’s arrival opens new avenues for local businesses to thrive and for visitors to explore local flavours. Agatti, known for its delectable tuna and seafood delicacies, is set to become a culinary paradise at your fingertips with Swiggy. The island is dotted with lively beachside shacks that serve mouth-watering food, making it an unmatched destination for culinary enthusiasts. From partnering with island's local favourites to bringing the Lakshwadeep’s delectable seafood, Swiggy promises a seamless food ordering experience for islanders and tourists alike. 

“Swiggy has consistently strived to deliver unmatched convenience to its users. This expansion marks a significant milestone for us, as we become the first online food delivery service to make a foray in Lakshadweep. We are excited to partner with local restaurants and support them in expanding their businesses, while also creating income opportunities for the local youth,” shared Sidharth Bhakoo, National Business Head, Food Marketplace, Swiggy.

Beyond its culinary delights, Agatti Island exudes the warmth of its friendly locals and is celebrated as a prime destination for scuba enthusiasts for an immersive experience. Acknowledging the unique ecological landscape of Lakshadweep, Swiggy has taken a conscious step towards eco-friendly practices in the region ensuring all deliveries are made only using bicycles. This initiative enables efficient and timely delivery while also preserving the ecological balance of the region. 

Celebrating the launch

First-time Swiggy users in Agatti can savour a special launch offer of 50% discount up to INR 100 and free delivery on first orders.
Expressing his delight, Fazal Rahman, Swiggy Restaurant Partner and Head of City Hotel Lakshadweep, said, “We are thrilled to team up with Swiggy as they launch in Lakshadweep. This partnership is a fantastic opportunity for us to showcase the unique flavours of our island to a broader consumers. With Swiggy's expansion, we are looking forward to reaching more customers, tourists, increasing our sales, and gaining national recognition for our culinary offerings than ever before.”

Mohammed Hamlersha, Swiggy Restaurant Partner and Head of AFC Lakshadweep, said,We are excited to welcome a culinary revolution as Swiggy launches in Agatti Island, bringing a feast of flavors to the doorsteps. I am sure it is going to elevate our delivery experience with the convenience of Swiggy – where every bite is a celebration!

With a phased expansion across key islands among the 36 islands that make up Lakshadweep, Swiggy aims to empower local culinary talents and enrich experiences for residents and visitors alike.

In a strategic move aimed at minimizing losses and improving financial viability in anticipation of its upcoming public listing later this year, Swiggy is said to be considering doubling its platform fee for food orders.

The suggested adjustment involves raising the current platform fee of Rs 5 to Rs 10 per food order and is a key element of Swiggy's ongoing initiatives to streamline its financial performance.

As per sources, Swiggy has reportedly commenced trials of the envisioned fee structure within its app, focusing on specific users.

This move follows the company's introduction of the platform fee model in April 2023, where an initial extra charge of Rs 2 was applied to specific food orders, irrespective of the order size.

Having noted that the supplementary fee did not negatively affect order quantities, Swiggy extended the platform fee to include all users.

Gradually, the company increased the fee to its present Rs 5, and certain customers continue to pay Rs 3, although the rationale behind the tiered system remains undisclosed by the company.

As per a spokesperson from Swiggy, "There have been no alterations to Swiggy's platform fee, and there are no imminent plans for a substantial increase. We consistently conduct minor experiments to gain a better understanding of consumer preferences. The recent trial was one such experiment, and its expansion in the future will depend on its success in aligning with our goal of providing the best service to our users. Continuously seeking ways to enhance affordability, our latest initiative, Pockethero, is an illustration of this commitment. Pockethero, tailored for budget-conscious consumers, is currently being rolled out nationwide."

Significantly, Zomato, a key rival of Swiggy, has similarly raised its platform fee from Rs 2 to Rs 5 in specific instances.

The implementation of an extra charge on each order has emerged as a prevalent tactic adopted by food delivery firms, aiding in bolstering their financial well-being, given the substantial daily order volumes managed by these platforms.

Although Swiggy has not formally introduced the Rs 10 platform fee, the company has previously hinted at higher amounts, temporarily reduced certain fees, and later raised charges.

This step-by-step strategy is anticipated to be employed if the intended outcomes are realized.

Swiggy's co-founder and group CEO, Sriharsha Majety, shared with the media at Davos, emphasizing the company's dedication to expansion. He highlighted that Swiggy Instamart, the rapid-commerce division, will be a central driver in the company's future growth.

While placing emphasis on Instamart, Swiggy remains committed to innovation within its food delivery sector by introducing more affordable food choices to appeal to a wider customer demographic.

As the platform fee trial progresses, both the industry and users will keenly observe Swiggy's strategy and its implications for the overall food delivery sector.

Invesco, a US-based investment firm, elevates the valuation of Swiggy, the food delivery platform gearing up for an IPO, to approximately $8.3 billion.

According to regulatory filings, this marks the second consecutive occasion where the global asset management firm has raised Swiggy's valuation.

Last October, Invesco raised the valuation of the food delivery platform to approximately $7.85 billion.

In January 2022, Swiggy achieved a valuation of $10.7 billion following a round spearheaded by Invesco

In May last year, Invesco slashed Swiggy’s valuation in its holding to about $5.5 billion.

In November, Prosus, an investor in Swiggy, noted in its financial filing that Swiggy's primary food delivery segment experienced a 17% growth and generated a gross merchandise value (GMV) of $1.43 billion during the initial six months of FY24.

Prosus attributed this to an increase in active users, resulting in a double-digit surge in orders and a rise in average order value due to inflation.

Prosus, with a 32.7% stake in Swiggy, reported a decrease in trading losses to $208 million.

The company also stated that rapid progress was made in the quick-commerce business due to increased customer adoption, leading to significant growth in orders.

Basket sizes expanded significantly more than inflation. Over the past year, Swiggy facilitated the distribution of loans totaling Rs 102 crore, with Rs 10.1 crore disbursed just in November.

In FY23, Swiggy incurred losses totaling about $545 million, marking an 80% surge from approximately $300 million in FY22.