Food and grocery delivery major Swiggy has launched its new 10-minute meal and beverage delivery service called “Bolt.” The service is already operational in key locations across six major cities like Delhi, Mumbai, Pune, Hyderabad, Chennai, and Bengaluru and it plans to expand to more regions soon. “Bolt” offers fast delivery from select restaurants within a 2 km radius of the customer. “The service will continue to expand into additional areas in the coming weeks,” Swiggy stated.
Bolt offers popular dishes like burgers, hot beverages, cold beverages, breakfast items, and biryani that require minimum preparation time. It will also focus on ready-to-pack dishes like ice cream, sweets and snacks, Swiggy said. Notably, delivery partners are not informed of the distinction between Bolt and regular orders, meaning they are neither penalised nor incentivised based on delivery time, the food tech major shared.
Rohit Kapoor, CEO of Swiggy’s Food Marketplace, said: “Bolt is the next evolution in our mission to provide unmatched convenience. Ten years ago, Swiggy revolutionised food delivery by cutting average wait times to 30 minutes”. He further added, “Now, we are 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.”
Swiggy files updated draft papers for IPO
Last month, Swiggy filed its updated draft papers with capital markets regulator Sebi to raise funds through its much anticipated Initial Public Offering (IPO). The proposed IPO comprises a fresh issue of equity shares worth Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore equity shares by existing shareholders, according to the updated draft red herring prospectus (UDRHP). Market sources have pegged the company’s IPO size at over Rs 10,000 crore.
(With PTI inputs)
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