IPO-bound Swiggy rolls out quick commerce-like food delivery service called Bolt

The IPO-bound Swiggy has now launched Bolt, a 10-minute food delivery service in a move to deliver quick-to-prepare meals from popular restaurants within a 2 km radius of the consumer, the food delivery aggregator announced in a statement.
Now opening the Swiggy app will reveal the “Introducing Bolt – Food in 10 mins” tile prominently displayed on the food delivery page.
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Swiggy says Bolt features a selection of highly popular dishes like burgers, hot beverages, cold beverages, breakfast items, and even biryani that require minimum preparation time.
This is how it manages a quick commerce-like service for food. By partnering with more than 2,700 restaurants that excel in quick order turnarounds, focusing on dishes requiring minimal to no preparation time
Apart from these, it will also focus on ready-to-pack dishes like ice cream, sweets and snacks.
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Swiggy in its statement, said “customers can choose from a mix of well-known national brands like KFC, McDonald’s, Burger King, Baskin Robbins, Starbucks, Chaayos, and EatFit, alongside local favourites like Karachi Bakery and G Pulla Reddy Sweets in Hyderabad, MM Mithaiwala in Mumbai, Bhartiya Jalpan and Anand Sweets in Bangalore, Sethi Ice-cream in Delhi, Irani Cafe in Pune among many others.”
Another important point is that delivery partners are not informed of the distinction between Bolt and regular orders, which means they are neither penalized nor incentivized based on delivery time, the food delivery aggregator said.
Swiggy’s Bolt is now available in six major cities including Hyderabad, Mumbai, Delhi, Pune, Chennai, and Bangalore. The food delivery giant has said it will continue to expand into additional areas in the coming weeks.
“Ten years ago, Swiggy revolutionized food delivery by cutting average wait times to 30 minutes,” said Rohit Kapoor, CEO of Swiggy’s Food Marketplace. “Now, we’re reducing that wait even further for frequently ordered items like coffee, burgers, ice cream, and biryani, partnering with trusted restaurants to deliver the best food in just 10 minutes.”
The inroduction of Bolt also comes amid the food delivery giant’s ₹3,750 crore initial public offering (IPO) buzz consisting of a fresh issue of 37,500 million equity shares with a face value of ₹1 each and an offer for sale (OFS) of up to 185,286,265 equity shares.
Swiggy wrote in its updated draft red herring prospectus (DRHP) on September 26 that the funds raised from the IPO would be used for the following purposes:
However, the company also got board approval to increase the size of the IPO further to ₹5,000 crore. The post-IPO valuation of the company is expected to be between $10-13 billion.
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