Swiggy Relaunches Swiggy Daily for Home-Cooked Meals in Bengaluru
Four years after pausing its operations, Swiggy has brought back its Swiggy Daily service in Bengaluru. The service, initially launched in 2019, caters to customers seeking healthy and affordable home-cooked meals. This relaunch marks a shift from the previous standalone app approach. Swiggy Daily is now integrated directly into the main Swiggy application, offering a seamless user experience for those seeking convenient and nutritious meal options.
Subscription Meals for Busy Lifestyles
Swiggy Daily offers flexible subscription plans, allowing users to customize their meal delivery needs. Plans range from three days to a month, catering to individuals and families seeking a break from cooking without sacrificing a healthy diet.
Cautious Expansion in a Competitive Market
The Bengaluru relaunch signifies a cautious approach by Swiggy for Swiggy Daily’s reintroduction. This strategy comes amidst a growing market for home-cooked meal deliveries. Zomato, a major competitor, launched its own “Zomato Everyday” service last year, offering similar home-chef prepared meals. This competition highlights the potential and growing demand for this niche market segment.
Swiggy Streamlines Operations Ahead of IPO
Founded in 2014, Swiggy has transformed from a food delivery platform to a multifaceted company. This includes ventures like Swiggy Instamart for rapid groceries and Swiggy Genie for courier services. As Swiggy prepares for its anticipated Initial Public Offering (IPO) later this year, the company is actively streamlining its operations. Recent mergers include Swiggy Mall with Instamart and the folding of the premium grocery vertical, InsanelyGood, further consolidating Swiggy’s offerings.
IPO Plans to Bolster Market Presence
A regulatory filing last month revealed Swiggy’s intention to raise capital through an IPO. The company aims to achieve this through a combination of issuing new shares and an offer-for-sale of existing shares. This move seeks to strengthen Swiggy’s market position and fund future growth initiatives. The filings indicate a target of $449 million through new share issuance and an additional $799 million from the sale of existing shares.
Financial Performance: Growth Despite Losses
While Swiggy reported a loss of $207 million in the first nine months of fiscal year 2023-24, the company also achieved revenues of $1.02 billion during the same period. This showcases significant business growth and resilience despite the recorded losses.