food delivery Archives

Swiggy launches XL fleet to deliver large orders –…

5 October 2024
by admin

NEW DELHI: Food delivery platform Swiggy on Saturday officially launched its ‘XL’ fleet to handle large orders in Gurugram on the day of Haryana Assembly elections.
Swiggy’s XL fleet, which had been in a pilot phase for a few weeks, delivered 3,500 meals to electoral officials at more than 580 polling booths in Gurugram and Badshahpur constituencies, free of cost to the District Administration.
Earlier on Friday, Swiggy introduced ‘Bolt’, a 10-minute delivery service for meals and beverages, currently available in select cities.
Sidharth Bhakoo, national business head of Swiggy Food Marketplace, highlighted the role of food delivery services in driving the growth of the F&B sector in India by creating new consumption occasions, promoting supply proliferation, and expanding the consumer base.
“Food is also very closely associated with conviviality and mirth, so we are witnessing demand for bulk orders when families and friends get together. The festival season is perhaps the best time to launch this service, when there is gaiety and joy all around, and everyone celebrates with their loved ones. Swiggy XL will ensure that there is no interruption in parties and gatherings and no delay in large orders,” he said.
He also mentioned that the Swiggy XL service will be expanded to more cities in the coming weeks.

Science & Environment

Swiggy submits revised IPO draft papers to Sebi, aims…

26 September 2024
by admin

NEW DELHI: Swiggy on Thursday submitted its revised draft papers to market regulator Sebi for its highly anticipated initial public offering (IPO), which includes a fresh issue of equity shares amounting to Rs 3,750 crore and an offer-for-sale (OFS) of 18.52 crore equity shares by existing shareholders, as mentioned in the updated draft red herring prospectus (UDRHP).
Industry sources estimate that the food and grocery platform’s IPO size will exceed Rs 10,000 crore with the offer-for-sale component reaching up to Rs 6,664 crore.
The existing shareholders participating in the OFS include Accel India IV (Mauritius) Ltd, Apoletto Asia Ltd, Alpha Wave Ventures, LP, Coatue PE Asia XI LLC, DST EuroAsia V BV, Elevation Capital V Ltd, Inspired Elite Investments Ltd, MIH India Food Holdings BV, Norwest Venture Partners VII-A Mauritius, and Tencent Cloud Europe BV.
Additionally, the Bengaluru-based company is exploring the possibility of raising funds through a pre-IPO round. If successful, the size of the fresh issue will be adjusted accordingly.
According to the IPO documents, Rs 137.41 crore from the fresh issue will be utilized to repay the debt of Swiggy’s subsidiary, Scootsy.
Furthermore, Swiggy will invest Rs 982.40 crore in Scootsy to expand the Dark Store network in the quick commerce segment, Out of which Rs 559.10 crore will be allocated for setting up Dark Stores and Rs 423.30 crore for lease or license payments.
The company also plans to allocate Rs 586.20 crore for technology and cloud infrastructure enhancements, Rs 929.50 crore for brand marketing and business promotion initiatives, and additional funds for inorganic growth opportunities and general corporate purposes.
The updated draft filing follows the approval of Swiggy’s confidential offer document by the market regulator earlier this week which it submitted on April 30 through the confidential pre-filing route.
Under the confidential filing process, Sebi reviews the confidential DRHP and provides feedback. Later, the company is required to file an update to the confidential DRHP (UDRHP-I), incorporating the regulator’s comments which is then made available for public comments for a period of 21 days.
Lastly, after addressing the changes resulting from public comments, the company is required to update the DRHP-II (UDRHP-II).
Established in 2014, Swiggy’s valuation reached nearly $13 billion in April, according to Tracxn, a global startup data platform. The company’s annual revenue amounted to $1.09 billion as of March 31, 2023, and it currently employs more than 4,700 individuals.

Science & Environment

Zomato In Final Talks To Buy Paytm’s Movie Ticketing,…

16 June 2024
by admin

This move is in line with Zomato’s strategy of expanding into new areas like entertainment, on top of their existing food and grocery delivery services.

If Zomato acquires Paytm’s events and ticketing business, it would be its second-biggest purchase ever, after buying Blinkit (formerly Grofers) in 2022 for Rs 4,447 crore

Food delivery giant Zomato is in an advanced stage of discussion to acquire Paytm’s movie ticketing and events business, according to a report by The Economic Times citing sources familiar with the matter. The potential deal, which could value Paytm’s vertical at about Rs 1,500 crore, is part of the company’s strategy to double down on its “going out” business.

If Zomato acquires Paytm’s events and ticketing business, it would be its second-biggest purchase ever, after buying Blinkit (formerly Grofers) in 2022 for Rs 4,447 crore, according to the ET report. This move is in line with Zomato’s strategy of expanding into new areas like entertainment, on top of their existing food and grocery delivery services.

“Paytm Movies and Paytm Insider are being merged to bring in synergies between the two teams. The idea is to build this as a single unit… Zomato’s interest in this segment has been there for a while so it fits in very well,” the report quoted a person in the know of the matter as saying.

Paytm is owned by Vijay Shekhar Sharma’s One97 Communications Ltd.

In 2017, Paytm acquired a majority stake in ticketing platform Insider.in, for events and properties, including NH7 Weekender, EDC and The Grub Fest. This enabled all Paytm customers discover a wide selection of events and book instantly.

Recently, One97 Communications’ Paytm Payments Bank faced prohibitory action from banking regulator RBI.

Mohammad Haris

Haris is Deputy News Editor (Business) at news18.com. He writes on various issues related to markets, economy and companies. Having a decade of experi…Read More

Science & Environment

Investor hikes Swiggy value by 13% to $12 billion…

9 March 2024
by admin

MUMBAI: In a boost for Swiggy, American investor Baron Capital has marked up the food delivery company’s valuation to about $12.1 billion as of Dec-end, US regulatory filings showed. This is 13% higher than the startup’s peak valuation of $10.7 billion at which it had last raised $700 million from Invesco-led investors in Jan 2022.
The valuation boost is significant for Swiggy, which is preparing for a public market debut, and comes barely two months after its other investor Invesco made filings notifying that it had raised the startup’s valuation to $8.3 billion.This, however, is not the first time that Baron Capital has raised Swiggy’s valuation. Last year, the company had marked up the startup’s valuation to $8.5 billion. Swiggy declined to comment. Baron Capital had also participated in Swiggy’s last fund-raise.
Swiggy – which rivals Zomato – has been making attempts to reduce its cash burn and move towards profitability. Earlier this year, it let go of 350-400 employees or around 7% of its workforce in a second round of layoffs so as to check costs and build in more efficiencies. With several unicorn startups gearing up to get listed, they are sharpening focus on achieving profitability – a metric that public markets tend to reward.

Tag: <span>food delivery</span>

Swiggy launches XL fleet to deliver large orders –…

Swiggy submits revised IPO draft papers to Sebi, aims…

Zomato In Final Talks To Buy Paytm’s Movie Ticketing,…

If Zomato acquires Paytm’s events and ticketing business, it would be its second-biggest purchase ever, after buying Blinkit (formerly Grofers) in 2022 for Rs 4,447 crore

Investor hikes Swiggy value by 13% to $12 billion…