Since its launch in 2014, Swiggy has become one of India’s largest food delivery platforms. In recent years, it has diversified its business to keep up with changing consumer demands.
Today, Swiggy operates in over 600 cities with over 2.5 lakh restaurant partners, nearly 4 lakh delivery partners and more than 24 million monthly active users.
The company reported a 36% jump in its operating revenue from ₹8,265 crore in FY23 to ₹11,247 crore in FY24 and is targeting a valuation of over $11 billion for its upcoming initial public offering (IPO).
Swiggy’s revenue comprises commissions on orders, delivery fees and advertisements. It also offers Swiggy One, a paid and subscription-based service that provides benefits like free delivery and exclusive discounts.
In 2020, Swiggy launched Instamart for grocery delivery and Genie for running errands. These services hugely expanded Swiggy’s customer base.
Instamart is a quick-commerce service that delivers groceries and other essentials, within 10-30 minutes. It is one of the top three quick commerce players in India along with Zomato’s Blinkit and Zepto.
Swiggy Genie lets users send packages or pick up items. It makes Swiggy an all-in-one app for instant delivery solutions, offering services like customer deliveries, sending parcels, etc.
The company also offers services like Dineout, which helps one look for restaurants and offers discounts on dining out. Further, Swiggy Cloud offers cloud kitchen services.
It recently launched ‘Bolt’, aiming to deliver food in just 10-15 minutes in major cities like Delhi, Bengaluru and Mumbai. It plans to expand Bolt to more areas based on demand.
While the company has a market share of nearly 45%, its main competitor Zomato leads the market with almost 55% market share. Its other competitors include Blinkit, Zepto, Dunzo, EatSure and Scootsy.
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