Swiggy's 10-minute Food Delivery Service Now Available In Over 400 Cities

Swiggy Ltd. announced on Monday the expansion of its 10-minute food delivery service, Bolt, to over 400 cities and towns across India.

Initially launched in metro cities like Bangalore, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, Bolt is now available in several new locations, including Jaipur, Lucknow, Ahmedabad, Indore, Coimbatore, Kochi, and others. The service has also extended to smaller tier-2 and tier-3 cities such as Roorkee, Guntur, Warangal, Patna, Jagtial, Solan, Nashik, and Shillong, the company said in a statement.

Swiggy revealed that Andhra Pradesh and Telangana have seen the highest adoption rates for the Bolt service, followed by regions like Haryana, Tamil Nadu, Gujarat, West Bengal, Rajasthan, and Punjab.

Bolt is designed to deliver food in just 10 minutes without compromising on the quality, freshness, or taste of the meals. The service focuses on dishes with minimal or no preparation time, allowing restaurants to fulfill orders faster. To ensure quick deliveries, Swiggy has partnered with restaurants to prioritise Bolt orders.

In addition to this, the company has introduced several measures to enhance safety and efficiency. Swiggy ensures that delivery partners are not informed whether an order is a Bolt order or a regular one, preventing any pressure to speed up deliveries. There is also no incentive for faster delivery, which ensures that all deliveries are carried out safely. The Bolt service has a delivery radius of 2 kilometers, which optimises the delivery time and keeps food fresh.

Currently, Bolt delivers from over 40,000 participating restaurants and offers customers a choice of over 1 million items. With this rapid expansion, Swiggy aims to strengthen its position as a leading player in the Indian food delivery market, catering to the growing demand for fast, high-quality food delivery in both metro and smaller cities.

The scrip rose as much as 3.45% to Rs 487 apiece. It pared gains to trade 3.24% higher at Rs 486 apiece, as of 02:30 p.m. This compares to a 0.64% advance in the NSE Nifty 50.

It has risen 6.58% in the last 12 months. Total traded volume so far in the day stood at 0.3 times its 30-day average.

Out of six analysts tracking the company, four maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 8.3%.

(With inputs from PTI).