Swiggy introduces Bolt: Here’s where you can try IPO-bound firm’s 10-minute food delivery

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Swiggy introduces Bolt: Here’s where you can try IPO-bound firm’s 10-minute food delivery

IPO-bound Swiggy has launched “Bolt,” its new 10-minute food delivery service, starting with six cities—Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune. 

According to Rohit Kapoor, CEO of Swiggy Food Marketplace, the service will gradually expand to more locations based on customer feedback.

Designed to cater to the growing demand for faster food deliveries, Bolt will offer a selection of popular dishes such as burgers, beverages, breakfast items, and biryani that require minimal preparation time. It will also focus on ready-to-pack items like ice creams, snacks, and sweets.

Kapoor, in a LinkedIn post, threw down a lighthearted challenge to customers, saying, “The challenge for you is to choose your food in lesser time than it takes for us to deliver it. Watch out for Bolt rolling out to the rest of India soon.”

Swiggy’s latest move comes as the company gears up for its upcoming IPO. On Thursday, shareholders approved increasing the fresh issue component of the IPO to Rs 5,000 crore from Rs 3,750 crore. This would allow Swiggy to raise an additional Rs 1,250 crore, bringing the total IPO size to as much as Rs 11,664 crore, including an offer-for-sale of Rs 6,664 crore.

The IPO buzz has attracted attention from high-profile figures such as cricketers Rahul Dravid and Zaheer Khan, tennis player Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry, who have reportedly expressed interest in acquiring stakes in the company ahead of its market debut.

The food tech company’s shareholders reportedly approved a resolution on October 3 to increase the size of its primary issue for the upcoming IPO from Rs 3,750 crore to Rs 5,000 crore at an Extraordinary General Meeting (EGM).

The company has made provisions for a larger IPO, with the primary issue size increasing by Rs 1,250 crore if additional funds are needed. It’s important to note that only the primary issue size has been increased, while the offer for sale (OFS) component remains unchanged at Rs 6,664 crore.

The Bengaluru-based company’s public debut is expected to be one of the largest new-age IPOs, with the total size set at Rs 10,414 crore ($1.25 billion), or Rs 11,664 crore ($1.4 billion) if the increased IPO size is utilized.

Swiggy is preparing for its IPO later this year, after several months of planning for its public market debut.

Key investors in Swiggy include Prosus (32 percent), SoftBank (8 percent), and Accel (6 percent). Other shareholders include Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), and Singapore’s GIC, among others.

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