Zomato rival Swiggy will now deliver food in just 10 minutes; Here what you need to know

As competition intensifies in the quick commerce segment for 10-minute grocery deliveries, Swiggy has extended this model to food deliveries with its new rapid delivery service, 'Bolt.'

With this new service, Swiggy aims to deliver food in just 10 minutes to meet the growing consumer demand for speed, taste, and convenience in food delivery.

The service will initially launch in select cities across India.

CEO Rohit Kapoor shares announcement

Announcing the development on LinkedIn, Swiggy's Food Marketplace CEO, Rohit Kapoor, said, "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."  

"Bolt ⚡️ will deliver the food you 🧡, in just 10 minutes. Yes, 10! 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. Your time starts now ⏱️" Kapoor added.  

First phase of Bolt's rollout

The first phase of Bolt's rollout is targeting major urban centres, including Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune.

Swiggy plans to gradually expand the service to more areas, depending on customer feedback and operational efficiency. 

"For our delivery partners it is like any other order. The trick is to simply cover short distances only from high density restaurant locations," Kapoor explained.

IPO launch

The development comes as Swiggy prepares to launch its initial public offering (IPO) later this year. The company had filed confidential papers with the regulator for the IPO in April.

On September 26, it submitted an updated draft red herring prospectus, outlining plans for a mix of a fresh issue of equity shares worth up to Rs 3,750 crore and an offer-for-sale of 18.52 crore equity shares by existing shareholders.

Recently, Moneycontrol reported that Swiggy's shareholders approved a resolution on October 3 at an Extraordinary General Meeting (EGM) to increase the size of the primary issue in its IPO from Rs 3,750 crore to Rs 5,000 crore.

The offer-for-sale (OFS) component remains unchanged at Rs 6,664 crore. If listed, Swiggy will become the second food delivery company to be publicly traded after Deepinder Goyal-led Zomato.