Swiggy Introduces Bolt for 10-Minute Food Delivery

IPO-bound Swiggy has introduced "Bolt," its new 10-minute food delivery service, catering to customers in six major cities across India. These cities include Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune. According to Rohit Kapoor, CEO of Swiggy Food Marketplace, the company is starting in these initial locations and plans to expand to other regions based on customer feedback and performance in the pilot phase.

The introduction of Bolt is part of Swiggy’s strategy to cater to the increasing demand for faster food deliveries. Bolt promises to deliver a variety of popular dishes in just 10 minutes, emphasizing efficiency and speed. This move aligns with the growing trend of quick-commerce in India, where consumers expect their food to arrive swiftly without compromising on quality.

Menu Focused on Quick-Prep and Ready-to-Pack Items

To ensure the success of its 10-minute service, Swiggy has carefully curated a menu designed for rapid preparation and packing. Bolt will feature a selection of fast-moving dishes such as burgers, beverages, breakfast options, and biryani. The focus is on meals that can be prepared and packed within a short time frame, ensuring customers get their orders quickly.

In addition to hot meals, Bolt will also include ready-to-pack items like ice creams, snacks, and sweets, which require minimal preparation. This blend of hot food and pre-packaged items allows Swiggy to cater to various customer preferences while meeting the promise of ultra-fast delivery.

Rohit Kapoor emphasized the competitive spirit behind this initiative, playfully challenging customers in a LinkedIn post, stating, "The challenge for you is to choose your food in lesser time than it takes for us to deliver it." Kapoor’s message highlights the confidence Swiggy has in Bolt's operational efficiency, promising to meet the demand for speed in food delivery.

Expansion Plans Based on Customer Feedback

Swiggy has opted to take a gradual approach to the rollout of Bolt. Kapoor mentioned that the company would evaluate customer feedback and make adjustments accordingly before expanding the service to other cities across India. This phased expansion plan reflects Swiggy’s cautious yet ambitious approach to introducing a new, high-speed service to the competitive food delivery market.

As customers increasingly seek quicker food delivery options, Swiggy is positioning Bolt as a game-changer, with a focus on convenience, variety, and reliability. The company plans to fine-tune the service in the initial six cities before potentially bringing Bolt to a wider audience across India.

Swiggy Prepares for a Major IPO

Swiggy's introduction of Bolt coincides with the company’s preparation for its highly anticipated Initial Public Offering (IPO), which is expected to take place later this year. As part of the IPO preparations, Swiggy has taken steps to increase the size of its fresh issue component. On Thursday, Swiggy's shareholders approved a proposal to raise the fresh issue amount from Rs 3,750 crore to Rs 5,000 crore. This move allows the company to raise an additional Rs 1,250 crore, bringing the total size of the IPO to a potential Rs 11,664 crore, or approximately $1.4 billion.

The decision to increase the fresh issue size came during an Extraordinary General Meeting (EGM) held on October 3, where Swiggy's shareholders voted in favor of the proposal. The increase in the fresh issue size provides the company with additional financial flexibility as it prepares for its market debut. However, it is important to note that while the primary issue size has increased, the offer-for-sale (OFS) component remains unchanged at Rs 6,664 crore.

Swiggy's public offering is poised to be one of the largest IPOs by a new-age Indian company, with the total size set at Rs 10,414 crore ($1.25 billion), and up to Rs 11,664 crore if the increased fresh issue size is fully utilized. This IPO is expected to attract significant investor interest, given Swiggy’s leading position in the Indian food delivery market and its robust growth trajectory.

High-Profile Interest in Swiggy's IPO

Swiggy's upcoming IPO has generated substantial attention, with several high-profile individuals reportedly expressing interest in acquiring stakes in the company ahead of its public debut. Notable figures include cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry. These prominent personalities are among those rumored to be keen on participating in Swiggy’s IPO, reflecting the broad appeal of the company’s market position.

Key Investors and Shareholder Structure

Swiggy's shareholder base includes several prominent investors, many of whom are expected to benefit significantly from the company’s public listing. Key investors in Swiggy include Prosus, which holds a 32% stake, SoftBank with 8%, and Accel, which owns 6%. Other major shareholders include Elevation Capital, DST Global, Norwest Venture Partners, Tencent, Qatar Investment Authority (QIA), and Singapore’s GIC.

These institutional investors have played a crucial role in Swiggy’s growth over the years, providing the company with the financial backing needed to expand its operations and scale its business. With the IPO on the horizon, these investors are likely to see substantial returns on their investments, further cementing Swiggy’s status as a leading player in the Indian food tech space.

A Landmark IPO for India’s New-Age Companies

Swiggy's upcoming IPO represents a landmark event for India’s startup ecosystem, as it will be one of the largest public offerings by a new-age technology company in the country. The company's IPO is expected to draw significant interest from retail and institutional investors alike, given its dominant market position and potential for future growth.

With the introduction of innovative services like Bolt and its strong investor backing, Swiggy is well-positioned to make a splash in the public markets. The success of its IPO will not only boost Swiggy's expansion plans but also serve as a major milestone for the broader Indian startup ecosystem.