Swiggy Ltd. on Wednesday launched 'One BLCK', an invite-only premium membership option on Wednesday for what it termed as consumers "seeking the highest level of convenience and service".
Swiggy One BLCK is offered at a launch price of Rs 299 for a three-month plan. The offering will be invite-only and rolled out in phases, which will make the membership available to only select users across India. Existing Swiggy One members can also upgrade to this new membership.
Swiggy aims to integrate 'members-only' benefits for food delivery, quick commerce, dining out, and streaming platforms for premium users. Premium members will have access to unlimited, free and faster deliveries on food orders (with an 'On-time' guarantee) and "exclusive perks" from brands like Amazon Prime, Hotstar, Hamleys, Cinepolis, and others.
Members who dine out will have cocktails, drinks, or desserts free of cost.
One BLCK members will receive an exclusive and complimentary Yatra Prime membership to celebrate its launch.
“Swiggy One BLCK is the business-class equivalent for our customers—refining the aspects that matter most to premium users: speed, reliability, and personalised care. With this launch, we’re setting a new benchmark for premium memberships in the industry,” Swiggy's Co-Founder and Chief Growth Officer Phani Kishan said.
The company said that around 80% of Swiggy One members use two or more services on Swiggy and spend three times more than non-Swiggy One members. The firm aims to enhance the experience for premium customers, while driving growth across all its businesses using it's new premimum membership feature.
Shares of Swiggy Ltd. closed 3.90% lower at Rs 522.55 apiece on the NSE, compared to a 0.13% advance in the benchmark Nifty 50.
The stock fell as low as 1.67% intraday to trade at Rs 515.95 apiece.
Of the nine analysts tracking the company, three have a 'buy' rating on the stock, two suggest a 'hold' and three recommend a 'sell', according to Bloomberg data.
The average of 12-month analysts' consensus price target implies a potential downside of 2.3%.
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