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Swiggy launches 10-min food delivery service ‘Bolt’

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Foodtech giant Swiggy has launched a new 10-minute food delivery service called Bolt in select cities. The service aims to deliver quick-to-prepare meals from popular restaurants and quick-service restaurants (QSRs) within a 2-kilometer radius of the customer. According to the company, Bolt emphasizes delivering dishes swiftly while ensuring they remain fresh and high-quality. With Bolt, Swiggy is already offering deliveries from over 2,700 restaurants, including KFC, McDonald’s, and Starbucks, within 10 minutes. The service is currently operational in key locations across Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, with plans to expand to additional areas in the coming weeks. Swiggy’s rival, Zomato, already discontinued its 10-minute delivery service in January 2023, a year after piloting it in Bengaluru, Gurugram, and parts of Delhi. Swiggy’s new service partners with restaurants known for quick order turnarounds, focusing on dishes that require minimal preparation and a delivery radius of 2 kilometers. Notably, delivery partners are not informed about the difference between Bolt and regular orders, ensuring they are neither penalized nor incentivized based on delivery times. This development follows Swiggy’s submission of draft IPO documents, in which it aims to raise $450 million via a fresh issue. The Bengaluru-based firm is anticipated to target a valuation ranging from $10 billion to $13 billion when it goes public. Swiggy also received shareholder approval to increase the size of its fresh issue in its IPO from Rs 3,750 crore ($445 million) to Rs 5,000 crore ($595 million).