Swiggy makes Bolt choice

'FAST' FOOD GOALS

- ANEES HUSSAIN

AS GROWTH IN the food delivery sector slows, Swiggy is placing a high-stakes bet on its 10-minute food delivery service, Bolt, in hopes of revitalising user engagement and addressing growing financial losses. In its January-March quarter earnings, the company posted a 45% year-on-year rise in revenue at ₹4,410 crore, but losses, too, rose sharply at ₹1,081 crore.

Swiggy's core food delivery business has shown signs of stagnation. Adjusted revenue grew just 0.3% sequentially to ₹1,867 crore, even as y-o-y growth stood at 19%. Swiggy CEO Sriharsha Majety acknowledged this maturing trend in his letter to shareholders. "Food delivery is a relatively mature category...sustained growth from hereon will be led by innovation towards bringing new consumers into the ecosystem and new meals into food delivery carts," he said.