Swiggy Launches Bolt, A 10-Minute Food Delivery Service

Swiggy on Friday announced the formal rollout of Bolt, a 10-minute food delivery service.

Bolt has been launched in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune in the initial phase, and will be scaled to other cities progressively, according to Rohit Kapoor, CEO at Swiggy Food Marketplace.

The service will enable users to order food from fast food chains and other restaurants that requires minimal preparation time.

The new initiative will help the IPO-bound company to meet the increasing consumer demand for speed and convenience in food delivery. The company plans to expand the services to more areas based on feedback from customers

Kapoor challenging the customers in a LinkedIn post said, "The challenge for you is to choose your food in lesser time than it takes for us to deliver your food. While the rest of India, watch out for this rolling out to you asap."

Bolt offers popular dishes like burgers, hot beverages, cold beverages, breakfast items, and biryani that require minimum preparation time. It will also focus on ready-to-pack dishes like ice cream, sweets and snacks, Swiggy said.

Swiggy's shareholders on Thursday gave their nod to increase the fresh issue component of its initial public offering to Rs 5,000 crore from the current Rs 3,750 crore, people in the know told NDTV Profit.

The clearance would mean that Swiggy may now be able to raise an additional Rs 1,250 crore. The offer-for-sale component will continue to be worth Rs 6,664 crore, for which investors are selling 18.5 crore shares.

The total size of the IPO could be Rs 11,664 crore if Swiggy goes for the increased primary issue size. The current clearance Swiggy has stands at Rs 10,414 crore.

After the Swiggy IPO announcement, prominent figures such as cricketers Rahul Dravid and Zaheer Khan, tennis star Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry jumping on the bandwagon to acquire stake in the restaurant aggregator before they hit Dalal Street.