Food delivery app Swiggy, which is gearing up to launch its initial public offering (IPO), said on Friday that it has launched a new rapid delivery service called Bolt, which guarantees meal deliveries within just 10 minutes.
This initiative is designed to cater to the growing consumer demand for fast, and convenient food delivery, and will initially be available in select cities across India.
"Iconic food brands have been built on the axis of time, taste and convenience. And today a few cities will enjoy the first trial of a unique (and hopefully iconic) marketplace within Swiggy Food," Rohit Kapoor, CEO at Swiggy's Marketplace, said in a post on social media platform Linkedin.
Kapoor further said that the 10-minute delivery service will be available in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune.
“So, folks in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, Pune, the challenge for you is to choose your food in lesser time than it takes for us to deliver your food. While the rest of India, watch out for this rolling out to you asap,” Kapoor further added.
Kapoor expressed excitement about involving customers in these areas, urging them to join the challenge of choosing their meals faster than Swiggy can deliver. Although Bolt is currently available in limited zones, Swiggy aims to gradually extend the service to more regions, depending on customer feedback and operational efficiency.
The Swiggy IPO consists of a fresh issuance of equity shares valued at ₹3,750 crore, along with an offer-for-sale of 185,286,265 equity shares by existing shareholders. The IPO will cater to various segments, including qualified institutional buyers (QIBs), anchor investors, and mutual funds.
Non-institutional investors will also have opportunities, with one-third of the allocation reserved for bidders applying between ₹2 lakh and ₹10 lakh, and the remaining for those applying for over ₹10 lakh, in addition to a retail portion.
Swiggy's IPO will allow early investors, including Accel, Prosus, and Tencent, to sell part of their stakes, potentially securing substantial returns. Other major backers, such as Apoletto, Coatue, DST Euro Asia, Inspired Elite Investments, and Norwest, are also expected to offload portions of their holdings, positioning some early investors for significant gains.
