The shares of Swiggy jumped over 12 percent on May 5 after the company announced that its 10-minute delivery service 'Bolt' has now expanded to over 500 cities across India. The surge in the share price was further fueled after rival Eternal (formerly Zomato) announced that it was exiting the 10-minute food delivery service 'Quick'.
In its press release, the company announced that Bolt now powers more than one in every 10 food delivery orders on Swiggy in less than six months of being launched in October 2024. The firm added that the service has seen strong demand in metro cities, as well as Tier 2 and Tier 3 towns, with its network of over 45,000 restaurant brands.
"At its core, Bolt is a breakthrough in operational intelligence. It combines smart backend optimization with a curated menu of quick-serve, high-demand items that have minimal or no preparation time. With delivery radius limited to 2 km, the service maintains quality while ensuring reliability. Popular QSR brands like KFC, McDonald’s, Subway, Faasos, Burger King, and Curefoods are already live on Bolt, alongside a fast-growing roster of local favourites," the company said.
Swiggy Food Marketplace CEO Rohit Kapoor said this is just the beginning for the 10-minute delivery service. "It's hard not to love Bolt when your food arrives faster, hotter, and just the way it’s meant to be enjoyed. What makes it click isn’t just speed, but the operations behind the scenes that make it all work. Bolt fits into the way people live today. You’re hungry, you want something now, and you don’t want to compromise. We built Bolt for that moment. Seeing it scale to 500 plus cities in just a few months has been incredible," he said.
Zomato shuts down 10-minute food delivery service 'Quick'
While announcing its Q4 results, Zomato had said that it is shutting its 10-minute food delivery service 'Quick' and home-style meal delivery service 'Everyday' as it couldn't see "the path to profitability" in these segments.
"The current restaurant density & kitchen infrastructure is not set up for delivering orders in 10 minutes which leads to inconsistent customer experience. As a result, we did not see any incrementality in demand while we ran Quick as an experiment for a few months," said Zomato CEO Deepinder Goyal.
The exit of its primary rival from the segment's market may have further boosted the stock. Swiggy shares closed at Rs 343 apiece, marking a significant rise from the previous closing price. Despite today's rise, the stock has fallen over 37 percent in 2025 so far.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
