Swiggy Reintroduces ‘Daily’ Service for Home-Cooked Meals in Bengaluru

• ByStartupStory     |    May 10, 2024

Swiggy, the prominent Indian food delivery and rapid commerce company, has relaunched its ‘Swiggy Daily’ service in Bengaluru. This reintroduction comes four years after the service was discontinued due to falling demand amid Covid-induced lockdowns. Initially launched in 2019, Swiggy Daily aims to provide affordable, healthy, home-style meals to its customers.

Unlike its initial launch, Swiggy has opted to integrate Swiggy Daily directly into its main application, rather than maintaining it as a standalone app. This integration is designed to streamline the user experience and enhance accessibility for users seeking regular, nutritious meals without the hassle of cooking.

Swiggy Daily offers flexible subscription plans, ranging from three days to a month, allowing customers significant customization based on their meal requirements. This service primarily targets individuals and families looking for convenient eating options that do not compromise on health.

The re-launch in Bengaluru marks the early stages of deployment, indicating Swiggy’s cautious approach towards scaling the service amidst a competitive market. Last year, rival company Zomato launched ‘Zomato Everyday’, focusing on similar home-cooked meal solutions provided by actual home chefs. Initially piloted in parts of Gurugram, Zomato Everyday has since expanded to other cities, intensifying the competition in this niche market segment.

Swiggy, founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini, has grown from a simple meal delivery service to a multifaceted platform encompassing Swiggy Instamart for rapid grocery delivery and Swiggy Genie for courier services. In preparation for its anticipated public debut later this year, Swiggy has been actively consolidating its various services. Recently, the company merged Swiggy Mall with Instamart and folded its premium grocery vertical, InsanelyGood, into Instamart as well, further streamlining its operations.

In a regulatory filing last month, Swiggy announced its plans for an Initial Public Offering (IPO), aiming to raise significant capital through a fresh issue of shares and an offer-for-sale to bolster its market presence and fund future expansions. The details from the Securities and Exchange Board of India (SEBI) filings reveal that Swiggy aims to raise approximately $449 million through the issuance of new shares and around $799 million through the sale of existing shares.

Despite reporting a loss of $207 million in the first nine months of the fiscal year 2023-24, Swiggy achieved revenues of $1.02 billion during the same period, showcasing substantial business growth and resilience.

Follow Startup Story