Exclusive: Following Zomato’s Footsteps, IPO-Bound Swiggy Pilots Large Order Fleet

Following in the footsteps of Zomato, IPO-bound Swiggy is piloting a large order fleet in Delhi NCR region. The Bengaluru-based startup began the pilot recently, sources told Inc42.

The Invesco-backed startup has tied up with a three-wheeler electric vehicle (EV) manufacturer for the large order fleet, the sources added. 

Besides food delivery, the large order fleet can also be used for Instamart deliveries. However, Inc42 couldn’t ascertain if Swiggy is using the fleet only for food deliveries, like Zomato, or also for quick commerce deliveries.

A mail sent to Swiggy seeking details about the large order fleet didn’t elicit any response till the time of publishing this story. 

The development comes almost four months after Swiggy’s listed rival Zomato launched a large order fleet to handle food orders for large groups or events. 

Prior to this, Swiggy had launched UPI services almost a year after Zomato launched similar services. Earlier today, Swiggy launched incognito mode on its app which won’t record order history. This came almost a month after Zomato offered an option to delete orders from the app’s history. 

Swiggy has also launched a number of other features this year, such as Eatlists, Explore Mode, Reordering, and Similar Carts.

The developments come ahead of the startup’s much-anticipated IPO. Swiggy filed its draft IPO papers via the confidential route with the Securities and Exchange Board of India (SEBI) earlier this year.

The startup is reportedly eyeing a valuation of $15 Bn for its $1 Bn to $1.2 Bn IPO, up from its last valuation of $10.7 Bn in 2022. The IPO will include a fresh issue of shares worth INR 3,750.1 Cr and an offer for sale component of up to INR 6,664 Cr.

Swiggy’s revenue grew 36% year-on-year (YoY) to INR 11,247 Cr in FY24, while net loss narrowed 44% to INR 2,350 Cr.