Swiggy launches 10-minute food delivery service Bolt

INDIA –  Leading food delivery platform Swiggy has launched a 10-minute food delivery service, Bolt, that delivers quick-to-prepare meals from its popular restaurant partners within a 2-kilometer radius of the customer.

The food delivery platform revealed it has collaborated with 2,700 of its restaurant partners including fast food giants like McDonald’s, KFC, Burger King, Baskin Robbins, and Starbucks in the new service.

It has also collaborated with local restaurant favorites like Karachi Bakery and G Pulla Reddy Sweets which will optimize their preparation process to promptly prepare meals once ordered.

Apart from focusing on dishes that require minimal preparation time, the new service will also feature ready-to-pack dishes like sweets, ice cream, and snacks.

Bolt has significantly reduced wait times for food delivery in the highly competitive Indian market. The enhanced efficiency of this new feature is a new innovation frontier in the country’s food delivery space.

The new service is live in locations across Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, according to the delivery platform. Swiggy revealed plans to expand the service to other areas before the end of the year.

Rohit Kapoor, Swiggy’s CEO said, “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.”

The food delivery platform intensified competition in the sector barely a week after it filed papers for an IPO initially worth Rs 10,000 crore (US$1.2 billion). This filing marks the biggest IPO floating of an Indian startup since 2021.

However, sources privy to the filing revealed to The Times of India that the IPO is expected to be upsized to Rs 11,700 crore (US$1.4 billion) after a shareholder meeting in the week starting October 7.

The sources also revealed that Swiggy is looking at a November date for the official listing, coinciding with the Diwali festivities.

The listing reflects the growth potential of the Indian food delivery market. Market analytics from IMAAC Group projects the sector to generate US$43.8 billion in revenue in 2024 and grow at an annual growth rate of 15.9% from 2024 to 2029.

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