Swiggy relaunches homestyle meal delivery service ‘Daily’ ahead of IPO

IPO-bound food and delivery major Swiggy has relaunched its homestyle meal delivery service, Daily, in select areas nearly four years after shutting it down.

Starting in 2019, the Swiggy discontinued the service due to dwindling demand amidst Covid-induced lockdowns. Now, the foodtech major has resumed the service in Bengaluru, while the rollout is still in the early stages.

Swiggy is integrating Swiggy Daily directly into its main app this time instead of having a separate application, which was the case earlier. It was primarily used by office-goers, but now, as most people have returned to working from the office several days a week, the startup wants to revive the offering and tap into the market currently dominated by Zomato Everyday.

Zomato Everyday is a homestyle meal offering aimed at providing inexpensive, freshly prepared meals by authentic home chefs. Initially piloted in select areas of Gurugram in February of the previous year, the service has since expanded to multiple cities and locations.

Ahead of its public listing widely expected later this year, Swiggy has been streamlining and consolidating its operations. Just last week, Swiggy merged Swiggy Mall with its quick commerce platform, Instamart. Additionally, in March, Swiggy merged its premium grocery vertical, InsanelyGood, with Instamart, showcasing efforts to optimise and strengthen its services.

IPO

Last month, Swiggy filed for an initial public offering (IPO) via the confidential pre-filing route with the Securities and Exchange Board of India (SEBI).

The startup’s IPO offer will include fresh issue of shares worth Rs 3,750.1 crore and an offer-for-sale component worth Rs 6,664 crore , as per other regulatory filings.

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 by its shareholders. It has again changed its registered name, Swiggy Pvt Ltd, to Swiggy Ltd.

The Bengaluru based startup recorded a $207 million loss in the nine months to December 2023. That loss was on a revenue of $1.02 billion during the same period, compared with fiscal year 2022-23 revenue of $1.05 billion.

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