Swiggy presents '10-minute Food Delivery' service Bolt in key cities
Foodtech monster Swiggy has introduced a new 10-minute meal delivery service dubbed Bolt in select cities. Within a 2-kilometer radius of the consumer, the service delivers quick-to-prepare meals from well-known eateries and quick-service restaurants (QSRs).
As to the company's statement, Bolt prioritizes prompt delivery of dishes without compromising their freshness or quality. Swiggy currently offers 10-minute delivery services from over 2,700 restaurants, including KFC, McDonald's, and Starbucks, through Bolt. The service is now available in strategic areas of Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune.
In the upcoming weeks, there are plans to expand the service to more areas. A year after launching its 10-minute delivery service in Bengaluru, Gurugram, and some areas of Delhi, Zomato, Swiggy's main competitor, already stopped offering it in January 2023.
With a focus on foods that require less preparation and a two-kilometer delivery radius, Swiggy's new service partners with eateries that are renowned for their speedy order turnaround times. Interestingly, delivery partners are not made aware of the distinction between Bolt and standard orders, therefore they are not rewarded or penalized for delivery timeframes.
This comes after Swiggy filed draft IPO filings, intending to raise $450 million through a new offering. When the Bengaluru-based company goes public, it is expected to aim for a valuation between $10 billion and $13 billion. Additionally, Swiggy got approval from shareholders to raise the amount of its fresh issue in its first public offering (IPO) from Rs 3,750 crore ($445 million) to Rs 5,000 crore ($595 million).
