Swiggy's Bolt promises 10-minute food delivery ahead of IPO push
Swiggy has unveiled a new ultra-fast food delivery service called Bolt. The company aims to deliver orders in just 10 minutes, responding to rising demand for speed and convenience. Meanwhile, the food delivery giant has also taken steps toward going public later this year. The launch of Bolt was announced by Swiggy’s Food Marketplace CEO, Rohit Kapoor, in a LinkedIn post. The service will first roll out in six major cities: Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune. Expansion plans depend on customer feedback and how smoothly operations run in these areas.
Swiggy has positioned Bolt to meet consumer expectations for quicker deliveries without compromising taste or quality. The move comes as the company prepares for its initial public offering (IPO), which includes a fresh issue of equity shares worth up to ₹5,000 crore. Existing shareholders will also offload 18.52 crore equity shares as part of the offer-for-sale.
Confidential IPO documents have already been filed, with the listing expected later in 2024. If successful, Swiggy will join Zomato as the second publicly traded food delivery company in India. Bolt’s 10-minute delivery target sets a new benchmark in India’s food delivery market. The service’s expansion will hinge on early performance in key cities. At the same time, Swiggy’s upcoming IPO will mark a significant milestone for the company and the sector as a whole.
