Swiggy shuts cloud-kitchen brand The Bowl Company in Delhi-NCR

Amidst a global market downturn that has forced many start-ups to cut costs and concentrate on profitability, Swiggy has shut its cloud kitchen The Bowl Company in Delhi-NCR.

In a release, it shared that it would keep making investments and expanding its brand in places like Bangalore, Chennai, and Hyderabad.

Early in 2017, The Bowl Company made its debut in Bengaluru. It has more than 20 locations in the city and serves food in bowls.

Swiggy's other cloud kitchen brands include Breakfast Express and Homely in addition to The Bowl Company. In reaction to Covid-19 lockdowns in 2020, Swiggy had reduced the size of its cloud kitchen footprint.

Sriharsha Majety, co-founder and CEO of Swiggy, claimed at the time that the company had already started the process of temporarily or permanently downsizing its culinary facilities based on Covid's outlook and profitability profile.

An investor in Swiggy, Prosus, claimed earlier this month that the Bengaluru-based company's food delivery GMV (gross merchandise value) increased by 40% to $1.3 billion in the six months ending September 30, 2022. Additionally, Prosus' fast commerce GMV climbed 15 times to $257 million.

Swiggy agreed to buy Times Internet-owned table booking service Dineout in a deal worth roughly $150 million, according to VCCircle's May report.