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The announcement comes less than six months after Bolt was launched in October 2024. The stock movement was further supported by a statement from competitor Eternal (formerly Zomato), which confirmed it is discontinuing its 10-minute delivery service, Quick. Eternal also announced the closure of its home-style meal delivery service Everyday, citing a lack of path to profitability without compromising customer experience. Swiggy reported that Bolt now accounts for more than 10% of food delivery orders on its platform. The company stated that demand has been strong across metropolitan areas as well as Tier 2 and Tier 3 cities, supported by a network of over 45,000 restaurant partners. According to Swiggy, Bolt is designed to optimize operational efficiency through smart backend systems, a curated menu of high-demand, low-preparation items, and a 2-km delivery radius. The service features offerings from major quick service restaurant (QSR) brands including KFC, McDonald's, Subway, Faasos, Burger King, and Curefoods, along with various regional brands. Rohit Kapoor, CEO of Swiggy's Food Marketplace, stated that Bolt addresses the evolving needs of customers seeking speed without compromising food quality. He noted the service's rapid scale-up to over 500 cities as a significant milestone. In contrast, Eternal CEO Deepinder Goyal explained that the current restaurant density & kitchen infrastructure was not suited to the demands of a 10-minute delivery model. He added that the pilot for Quick did not yield incremental demand and maintaining customer experience at that speed was not feasible under current conditions. The withdrawal of its key competitor from the quick delivery segment is being viewed as a positive development for Swiggy's Bolt initiative. Swiggy is India's pioneering on-demand convenience platform, catering to millions of consumers each month. Founded in 2014, its mission is to elevate the quality of life for the urban consumer by offering unparalleled convenience, enabled by over 5 lakh delivery partners. With an extensive footprint in food delivery, Swiggy Food collaborates with over 2 lakh restaurants across 700+ cities. Instamart, its quick commerce platform operating in 100+ cities, delivers groceries and other essentials across 20+ categories in 10 minutes. Fueled by a commitment to innovation, Swiggy continually incubates and integrates new services like Swiggy Dineout and Swiggy Genie into its multi-service app. Leveraging cutting-edge technology and Swiggy One, the country's only membership program offering benefits across food, quick commerce, dining out, and pick-up and drop services, Swiggy aims to provide a superior experience to its users. Swiggy's board will consider Q4FY25 results on 9 May 2025. The company reported consolidated net loss of Rs 799.08 crore in Q3 FY25 compared with net loss of Rs 574.38 crore in Q3 FY24. However, revenue from operations jumped 30.98% to Rs 3993.06 crore in Q3 FY25 compared with Rs 3,048.69 crore in Q3 FY24. Powered by Capital Market - Live News |