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IPO-bound food and delivery major Swiggy has merged its premium grocery vertical InsanelyGood with its quick commerce vertical Instamart.
“We will have to pause InsanelyGood operations for some time. We will be available at an Instamart store near you super soon,” according to a notification by Swiggy to its users.
In July last year, Swiggy integrated the service into the Swiggy app. It was a seperate title on the app’s home page, akin to Instamart, restaurant booking service Dineout, pick-and-drop service Genie, pick-and-drop service Genie, and aggregated selling platform Minis.
In the same year, InsanelyGood scaled down its operations from six cities and now only operates in Bengaluru to reduce cash burn. In March last year, Swiggy rebranded its subscription-based grocery delivery service SuprDaily as InsanelyGood.
Swiggy acquired Supr Daily in 2018, and after the integration, it was in direct competition with the likes of Tata-owned BigBasket’s BB Daily, Amazon Fresh, and Reliance Retail-owned Milkbasket.
In January, Swiggy brought down its workforce by 6%, affecting around 400 roles, as part of cost-saving measures.
Recently, US-based asset management firm Baron Capital Group also marked up the fair value of its stake in Swiggy. The company also changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd through a special resolution passed its shareholders.
Swiggy appointed Anand Kripalu as an independent director and the chairperson of its board of directors in December last year. Kripalu was earlier the managing director and global CEO of Essel Propack Ltd.
The company’s operating revenue increased to ₹8,264.4 crore from ₹5,704.9 crore in FY22, while the company has incurred a net loss of ₹4,179.3 crore in FY23, up from ₹3,628.9 crore in the previous financial year.
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