Swiggy Ltd. announced a new section of its food-on-demand delivery application, which will feature single meals priced at Rs 99, according to a press release from the company on Tuesday.
The pricing targets Gen-Z customers who may require affordable options for meals. The store is open in more than 175 cities, including Bengaluru, Ahmedabad, Kolkata, Hyderabad, Delhi, Pune, Chennai, Lucknow, Vadodara, Trivandrum, Tirupati, Patna, Surat, Bhopal, Dehradun, Mysore and Ludhiana.
The dishes under the '99 Store' will have a free delivery feature when ordered with the ‘Eco Saver' delivery mode.
Dishes include rolls, biryani, noodles, north Indian, south Indian, burgers, pizzas, and cakes.
“We've worked closely with our restaurant partners and delivery teams to make everyday meals more affordable without cutting corners. This is a big step in making Swiggy a true everyday choice for millions. Whether you're on a college budget or just looking for a fuss-free lunch, this is Swiggy's most value-driven offering yet,” Rohit Kapoor, chief executive officer of Swiggy Food Marketplace, said.
Swiggy Shareprice Today
The scrip fell as much as 2.21% to Rs 391.55 apiece. It pared losses to trade 1.74% lower at Rs 393.45 apiece, as of 3:40 p.m. This compares to a 0.09% advance in the NSE Nifty 50.
It has fallen 27.26% on a year-to-date basis, and is up 0.88% in the last 12 months.
Out of 23 analysts tracking the company, 17 have a 'buy' rating on the stock, three recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 7.5%.
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