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Swiggy is piloting 1-hour e-commerce delivery of toys, electronics, gadgets, and home and kitchen products under a new vertical called Maxx.
While the product categories are currently limited, beauty and grooming, essential clothing, gardening, furnishing and decor, and health and fitness are expected to be added soon.
The pilot is limited to some parts of Bengaluru like Indiranagar. Under this pilot, the company is offering free shipping for orders above the cost of ₹99 and ₹100 off on the first order (valued above ₹249). Further, the platform is offering 30-60 per cent discount across products.
Also read: Fans on cloud 9 as Apple opens first retail outlet in Mumbai
Confirming the development, a Swiggy spokesperson said, “Customers trust Swiggy for the speed and unparalleled convenience we have brought across categories such as food delivery and quick commerce. Maxx aims to be the destination for a wide variety of home and family shopping needs, delivered in 1 hour. We are currently running a pilot program in Bangalore. Stay tuned for more updates.”
In addition to Maxx, Swiggy is also running pilots of Shopify-like e-commerce enablement Minis and premium grocery delivery service Swiggy Handpicked.
As the macroeconomic environment worsened, Swiggy has turned its focus on profitability. It closed/sold businesses, including its meat marketplace and cloud kitchens network Access kitchens. This has resulted in about 380 job cust across product, operations and engineering teams.
The company cited challenging macroeconomic conditions and overhiring in 2021 as the primary reasons for team rationalisation.
Swiggy’ losses more than doubled to ₹3,629 crore in FY22 against ₹1,617-crore loss in FY21. The company’s operational revenue registered almost 2x growth against ₹2,547 crore reported in FY21.
Swiggy’s marketplace business contributed ₹3,483 crore to revenue from operations, which is almost 60 per cent of the total. Its business-to-business (B2B) vertical, which involves trading in FMCG goods, contributed ₹2,147 crore to its operational revenue.
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