Swiggy Pilots 10-Minute Medicine Delivery In Bengaluru

Swiggy has reportedly partnered with PharmEasy to deliver medicines in 10 minutes as the foodtech major now looks to expand into the pharmacy sector.

As per Moneycontrol’s report, citing sources close to the matter, the initial pilot for this service is being conducted in Bengaluru and customers can order pain relievers, fever medications, and other prescription drugs.

Swiggy has declined to comment on Inc42’s queries for the same.

It is pertinent to note that the foodtech giant’s quick commerce arm Instamart is already delivering basic over the counter (OTC) medicines, including pain relief sprays and other AYUSH products from FMCG brands. 

The new collaboration also aims to foster Swiggy’s engagement in the epharmacy market by offering a broader range of medications, including prescription drugs. 

The move comes at the heart of quick commerce companies diversifying their offerings to increase average order values (AOVs) as well as order volumes. Swiggy lags behind Blinkit in terms of AOV as the latter leads the quick commerce segment with an AOV of INR 625 for the quarter ending June. 

This comes a day after Swiggy has reportedly cut the valuation target for its upcoming initial public offering (IPO) to $12.5 Bn to $13.5 Bn. Earlier this week, it increased its platform fee to INR 10 from INR 7 per order on its food delivery service. 

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini, Swiggy started off as a food delivery startup but later forayed into the quick commerce segment with Instamart.

On the financial front, the Prosus-backed startup trimmed its loss by 44% to INR 2,350 Cr in the financial year ended March 31, 2024, as against a loss of INR 4,179.3 Cr in FY23. 

On the other hand, Swiggy’s operating revenue surged 36% to INR 11,247.3 Cr in FY24 from INR 8,264.5 Cr, from a year ago, backed by the growth of its quick commerce business – Swiggy Instamart.