Diksha Mittal
4 Oct 2024
Swiggy has launched "Bolt," a 10-minute food delivery service in select cities, offering quick-to-prepare meals from popular restaurants like KFC and McDonald’s within a 2-kilometer radius. The service is part of Swiggy’s expansion strategy ahead of its upcoming IPO, targeting a valuation between $10 billion and $13 billion.
Swiggy has launched "Bolt," a new 10-minute food delivery service in select cities, aiming to provide quick-to-prepare meals from popular restaurants within a 2-kilometer radius. Bolt focuses on delivering fresh, high-quality dishes from over 2,700 restaurants, including major chains like KFC, McDonald’s, and Starbucks. The service is currently available in Bengaluru, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, with plans for further expansion.
Swiggy’s approach differs from its competitor, Zomato, which discontinued a similar service in January 2023. Bolt partners with restaurants known for fast order preparation and keeps delivery within a close radius. Delivery personnel are not informed whether an order is for Bolt, ensuring they are neither penalized nor rewarded based on delivery speed.
The launch of Bolt follows Swiggy’s submission of draft IPO documents, aiming to raise $450 million through a fresh issue, with a potential valuation between $10 billion and $13 billion. Swiggy’s shareholders have also approved increasing the fresh issue size from Rs 3,750 crore ($445 million) to Rs 5,000 crore ($595 million).
