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  1. IPO-bound Swiggy’s premium grocery vertical InsanelyGood to merge with Instamart

IPO-bound Swiggy’s premium grocery vertical InsanelyGood to merge with Instamart

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2 min read • Updated: March 15, 2024, 6:40 PM

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IPO-bound Swiggy has merged its premium grocery vertical with its quick-commerce delivery platform, Instamart. The company has been on a cost-cutting drive as it aims to build investor confidence before its public issue.

Swiggy is gearing up for its IPO filing

Food delivery and quick-commerce giant Swiggy has merged its premium grocery vertical, InsanelyGood, with its quick grocery delivery platform Instamart, the Bangalore-based company revealed in a notification to its users.

The notification, which pops up when users click on the InsanelyGood tab reads “We will have to pause InsanelyGood operations for some time. We will be available at an Instamart store near you super soon.”

InsanelyGood, which allows users to order premium groceries and supplies to their doorstep, was only functional in Bengaluru.

A year before that, in May 2022, Swiggy limited InsanelyGood’s operations, then known as Supr Daily, to just Bangalore, after ceasing its operations in five other major Indian cities.

In a bid to reduce cash burn, in July 2023, the company integrated InsanelyGood’s standalone app as a separate tab on its app home page, along with the firm’s other offerings like Instamart, Dineout (restaurant booking service), Genie (pick-and-drop service) and Minis (hyperlocal marketplace).

The company, a well-established unicorn, has been gearing up for its IPO filing. In February, it changed its registered name from Bundl Technologies Pvt Ltd to Swiggy Pvt Ltd to align itself with the brand identity.

In an effort to win investor confidence and trim costs, the Sriharsha Majety-led platform in January had cut its workforce by about 350 employees citing challenging macroeconomic conditions.

Business Standard and ET had earlier reported that US-based asset manager firm Baron Capital raised the valuation of the food-delivery unicorn to $12.1 billion on the back of diversification and expansion of quick-commerce companies like Blinkit and Zepto.