IPO-bound Swiggy launches 10-minute food delivery with Bolt

Rohit Kapoor, CEO of Swiggy’s Food Marketplace, shared the news on LinkedIn, stating,, “Iconic food brands have been built on the axis of time, taste and convenience. And today a few cities will enjoy the first trial of a unique (and hopefully iconic) marketplace within Swiggy Food.”

As it prepares for its Initial Public Offering (IPO), food tech major Swiggy has launched a rapid delivery service called Bolt, which promises to deliver meals to customers in just 10 minutes. This new initiative aims to meet the increasing consumer demand for speed, taste, and convenience in food delivery, starting in select cities across India.

Rohit Kapoor, CEO of Swiggy’s Food Marketplace, shared the news on LinkedIn, stating: “Iconic food brands have been built on the axis of time, taste and convenience. And today a few cities will enjoy the first trial of a unique (and hopefully iconic) marketplace within Swiggy Food.”

"Bolt will deliver the food you love, in just 10 minutes. Yes, 10! So, folks in Bangalore, Hyderabad, Mumbai, Chennai, Delhi, Pune, the challenge for you is to choose your food in lesser time than it takes for us to deliver your food. While the rest of India, watch out for this rolling out to you asap. Your time starts now," Kapoor further stated.

The first phase of Bolt's rollout is targeting major urban centers, including Bengaluru, Hyderabad, Mumbai, Chennai, Delhi, and Pune. Kapoor expressed enthusiasm about engaging customers in these locations, encouraging them to take part in the challenge of selecting their meals quicker than Swiggy can deliver them.

While Bolt is initially available in select zones, Swiggy plans to progressively expand the service to more areas based on customer feedback and operational efficiency.

Prosus and SoftBank-backed food delivery company Swiggy had filed confidential papers with the regulator for an IPO in April this year. Further, it had filed its updated draft red herring prospectus with the regulator on September 26 for its IPO which is a mix of fresh issue of equity shares worth up to Rs 3,750 crore, and an offer-for-sale of 18.52 crore equity shares by the existing shareholders.

The food tech major’s shareholders on October 3 approved the resolution to increase the size of primary issue of its IPO from Rs 3,750 crore to Rs 5,000 crore at the Extraordinary General Meeting (EGM) held on October 3, people aware of the developments told Moneycontrol.

The company has created a provision for a larger IPO and the size will be increased by Rs 1,250 crore if the company requires additional funds. To be sure, only the size of primary issue has been increased from Rs 3,750 crore to Rs 5,000 crore. The offer for sale (OFS) component remains unchanged at Rs 6,664 crore.

The Bengaluru-based company's public market debut is going to be one of the largest new-age IPOs where it is set to Rs 10,414 crore ($1.25 billion) or Rs 11,664 crore ($1.4 billion) in case of an increased IPO.

Swiggy is slated to IPO later this year and has been readying for its public market debut for several months now.

Prosus (32 percent), SoftBank (8 percent) and Accel (6 percent) are key investors in Swiggy. Elevation Capital, DST Global, Norwest, Tencent, Qatar Investment Authority (QIA), Singapore’s GIC, among several others are also shareholders in the company.

This will be the second food delivery company available for trading on the bourses, if it lists, after Zomato.