Shares of Swiggy Ltd skyrocketed 16% and hit an intraday high of Rs 356.65 on 5 May after the company announced that its 10-minute delivery service ‘Bolt’ has now reached over 500 cities in India. The share price spike was driven further after rival Eternal (Zomato) announced its exit from the 10-minute meal delivery service ‘Quick’.
According to the company’s press announcement, Bolt now powers more than one out of every ten food delivery orders on Swiggy in less than six months after its launch in October 2024. With its network of over 45,000 restaurant brands, the company noted that the service has witnessed great demand in both major areas and Tier 2 and Tier 3 villages.
The filing added, “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.”
Swiggy Food Marketplace CEO Rohit Kapoor stated that this is only the beginning of 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.
While announcing its Q4 results, Zomato stated that it is discontinuing its 10-minute food delivery service ‘Quick’ and home-style meal delivery service ‘Everyday’ because it could not see “the path to profitability” in these categories.
Deepinder Goyal, CEO of Zomato, said, “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.”
At 3:30 pm, the shares of Zomato were closed 12.35% higher at Rs 343 on NSE.
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