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Bolt has the potential to reshape food delivery: Rohit Kapoor, CEO of Food Marketplace, Swiggy
YourStory
·
8m ago
Medial
Swiggy's 10-minute food delivery service, Bolt, accounts for 5% of its total food delivery orders within two months of its launch. The service is currently available in 400 cities and offers a wide range of menu items that require minimal preparation time. Bolt is expected to account for 10% of all food delivery orders in the near future. Swiggy's core food delivery business reported its first profitable quarter, driven by newer offerings like Bolt, Eatlists, and PocketHero. The company has also managed to reduce costs by focusing on operational efficiencies and expanding in existing cities.
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Swiggy’s 10-minute food delivery service Bolt expands to over 500 cities
Economic Times
·
3m ago
Medial
Swiggy's 10-minute food delivery service, Bolt, has expanded to over 500 cities in India within six months of its launch. Supported by a network of over 45,000 restaurant partners, the service has gained significant traction across metro, Tier II, and Tier III cities. Rohit Kapoor, CEO of Swiggy Food Marketplace, highlighted Bolt's alignment with modern consumer demands for quick, uncompromised food delivery. He called the rapid expansion to 500 cities an impressive beginning.
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Swiggy Launches 10-Minute Food Delivery Service Bolt
Inc42
·
10m ago
Medial
- Swiggy Bolt is available in six cities: Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune. - Swiggy plans to expand Swiggy Bolt's service to all cities in India. - CEO Rohit Kapoor expressed the company's intention to roll out Swiggy Bolt nationwide. - Swiggy recently introduced a new service called 'Cafe' in select areas of Bengaluru, providing fast delivery of snacks and beverages within 15 minutes. - Swiggy is reported to be preparing for an IPO in the near future.
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We don't see ONDC as a threat: Swiggy's Food Marketplace CEO
YouTube
·
2y ago
Medial
Swiggy's Food Marketplace CEO, Rohit Kapoor, views the Open Network for Digital Commerce (ONDC) as a positive development and not a threat. He emphasized the company's careful monitoring of the government-backed platform, which recently entered the food delivery market. Kapoor acknowledged the potential impact of ONDC but expressed an optimistic approach towards its evolution in the industry.
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Swiggy's top executives get ₹2,240 crore in ESOPs ahead of IPO
Inshorts
·
10m ago
Medial
Swiggy has awarded employee stock options (ESOPs) worth $270 million (₹2,240 crore) to its top executives ahead of IPO, reports said. CEO Sriharsha Majety, who previously owned 6.23% of Swiggy, has been given an additional 2.3% stake. Co-founders Nandan Reddy and Phani Kishan Addepalli, food marketplace CEO Rohit Kapoor, and Instamart CEO Amitesh Jha have also been awarded new shares.
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IPO doesn't keep me awake at night: Swiggy Food Marketplace CEO
Inshorts
·
9m ago
Medial
Swiggy Food Marketplace CEO Rohit Kapoor said the upcoming IPO of the company doesn't keep him awake at night. "I know there is a lot of excitement and we make a bit of public spectacle in India with IPOs. Hopefully, it goes well," he stated. He further compared Swiggy's IPO with a person turning 18 and getting a driving license.
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10-Minute Food Delivery: Why Swiggy Is Still Betting on Bolt While Zomato Walks Away
OutlookIndia
·
2m ago
Medial
Swiggy and Zomato have diverged in their approach to 10-minute food delivery services. Swiggy continues to invest in its Bolt service, which contributes 12% to its food delivery volumes, seeing it as a growth opportunity. In contrast, Zomato has exited the segment due to profitability challenges. While Swiggy aims to enhance market share through Bolt, industry experts question the long-term viability and profitability of such quick delivery models.
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Swiggy’s standalone app Snacc: Here’s all you need to know about it
Economic Times
·
7m ago
Medial
Swiggy launched a standalone app, Snacc, for 10-minute food delivery, expanding its quick commerce offerings alongside Bolt. Competitors like Zomato, Blinkit, and Zepto are also active in this rapid delivery space. Snacc focuses on delivering fast food and drinks from nearby locations, while Bolt delivers from restaurants. The market is seeing growth, with Swiggy's Bolt contributing to 5% of overall delivery volumes, though concerns about profitability and sustainability persist.
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Swiggy 'very well positioned', eyeing organic growth for Instamart: Rohit Kapoor
Economic Times
·
9m ago
Medial
Swiggy, the Indian food delivery platform, is well-positioned for growth and is planning an IPO to raise Rs 11,327 crore. Swiggy's CEO, Rohit Kapoor, stated that the company is focused on organic growth but is open to acquisitions for its quick commerce arm, Instamart, if the opportunity arises. The IPO will consist of a fresh issue of shares worth Rs 4,499 crore, alongside an offer for sale of Rs 6,828 crore. The funds raised will be used for technology investments, marketing, debt payment, and general corporate purposes. Swiggy reported a narrower loss of Rs 611 crore in Q2 2024 compared to the previous year.
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IPO-bound Swiggy grants $271 million Esops to founder Sriharsha Majety, top management
Economic Times
·
10m ago
Medial
- Swiggy granted employee stock options worth $271 million to its founders and top management in its latest stock-based compensation plan. - Founder and CEO Sriharsha Majety received nearly $200 million worth of stock, potentially increasing his stake in the company by 2.2-2.5%. - Other recipients of stock options include co-founders Nandan Reddy and Phani Kishan Addepalli, CFO Rahul Bothra, CTO Madhusudhan Rao, food marketplace CEO Rohit Kapoor, and Swiggy Instamart CEO Amitesh Jha. - The stock options have a vesting period of one to eight years and may be subject to valuation changes after the IPO. - Swiggy's IPO filing saw a fresh issue component initially sized at $450 million, which may expand to $600 million. - Similar stock-based compensation plans have been observed in other tech startups like Zomato, Paytm, Freshworks, Delhivery, and PB Fintech prior to their IPOs.
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Swiggy sees profitability a year away as fierce competition prompts infra investment
YourStory
·
8m ago
Medial
Swiggy, the Indian food delivery platform, is focusing on expanding its quick-commerce service, Swiggy Instamart. The company aims to double its dark store count by the end of FY25 and achieve positive adjusted EBITDA by late 2025. Swiggy is also seeing traction in its 10-minute food delivery feature, Bolt, which accounts for 5% of total food orders. Despite tough competition and increased marketing spends, Swiggy remains optimistic about its growth prospects and aims to achieve contribution margin break-even by the end of 2025.
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