IPO-bound Swiggy has launched “Bolt,” its new 10-minute meals supply service, beginning with six cities—Bangalore, Hyderabad, Mumbai, Chennai, Delhi, and Pune.
In line with Rohit Kapoor, CEO of Swiggy Meals Market, the service will step by step increase to extra areas based mostly on buyer suggestions.
Designed to cater to the rising demand for sooner meals deliveries, Bolt will provide a choice of in style dishes similar to burgers, drinks, breakfast objects, and biryani that require minimal preparation time. It should additionally concentrate on ready-to-pack objects like ice lotions, snacks, and sweets.
Kapoor, in a LinkedIn put up, threw down a lighthearted problem to clients, saying, “The problem for you is to decide on your meals in lesser time than it takes for us to ship it. Be careful for Bolt rolling out to the remainder of India quickly.”
Swiggy’s newest transfer comes as the corporate gears up for its upcoming IPO. On Thursday, shareholders authorised rising the recent difficulty part of the IPO to Rs 5,000 crore from Rs 3,750 crore. This is able to permit Swiggy to lift an extra Rs 1,250 crore, bringing the entire IPO dimension to as a lot as Rs 11,664 crore, together with an offer-for-sale of Rs 6,664 crore.
The IPO buzz has attracted consideration from high-profile figures similar to cricketers Rahul Dravid and Zaheer Khan, tennis participant Rohan Bopanna, filmmaker Karan Johar, and actor Ashish Chowdhry, who’ve reportedly expressed curiosity in buying stakes within the firm forward of its market debut.
The meals tech firm’s shareholders reportedly authorised a decision on October 3 to extend the dimensions of its main difficulty for the upcoming IPO from Rs 3,750 crore to Rs 5,000 crore at an Extraordinary Basic Assembly (EGM).
The corporate has made provisions for a bigger IPO, with the first difficulty dimension rising by Rs 1,250 crore if further funds are wanted. It’s vital to notice that solely the first difficulty dimension has been elevated, whereas the provide on the market (OFS) part stays unchanged at Rs 6,664 crore.
The Bengaluru-based firm’s public debut is anticipated to be one of many largest new-age IPOs, with the entire dimension set at Rs 10,414 crore ($1.25 billion), or Rs 11,664 crore ($1.4 billion) if the elevated IPO dimension is utilized.
Swiggy is making ready for its IPO later this yr, after a number of months of planning for its public market debut.
Key buyers in Swiggy embrace Prosus (32 p.c), SoftBank (8 p.c), and Accel (6 p.c). Different shareholders embrace Elevation Capital, DST International, Norwest, Tencent, Qatar Funding Authority (QIA), and Singapore’s GIC, amongst others.
