Swiggy Restarts ‘Daily’ Home-Cooked Meal Deliveries In Bengaluru

SUMMARY

Originally introduced in 2019, Swiggy Daily was halted due to dwindling demand during the Covid-induced lockdowns

Interestingly, Swiggy is integrating its homestyle food service, Daily, directly into its main app this time

Last year, Zomato launched 'Zomato Everyday', to enter the affordable home-style meal delivery segment

Swiggy has relaunched its homestyle meal delivery service, Swiggy Daily, four years after taking it off the menu. Originally introduced in 2019, the service was halted by Swiggy due to dwindling demand amidst Covid-induced lockdowns.

Now, the food delivery and quick commerce giant has resumed the service in Bengaluru, while the rollout is still in early stages.

Interestingly, Swiggy is integrating Swiggy Daily directly into its main app this time, instead of having a separate application, which was the case earlier.

Swiggy Daily primarily targets consumers seeking healthy, home-cooked meals at an affordable price point. The service offered flexibility, allowing users to select subscriptions ranging from three days to a month.

Last year, Zomato launched ‘Zomato Everyday’, a new home-style meal offering aimed at providing inexpensive, freshly prepared meals by authentic home chefs. Initially piloted in select areas of Gurugram in February of the previous year, the ‘Zomato Everyday’ service has since expanded to multiple cities and locations.

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli and Rahul Jaimini (who left the company in 2020), Swiggy started solely as a food delivery startup. Later, it launched its quick commerce vertical – Swiggy Instamart. It also offers a courier service, Swiggy Genie.

Ahead of its public listing widely expected later this year, Swiggy has been streamlining and consolidating its operations. Just last week, Swiggy merged Swiggy Mall with its quick commerce platform, Instamart. Additionally, in March, Swiggy merged its premium grocery vertical, InsanelyGood, with Instamart, showcasing efforts to optimise and strengthen its services.

Last month, Swiggy filed for an initial public offering (IPO) via the confidential pre-filing route with the Securities and Exchange Board of India (SEBI).

The startup’s IPO offer will include fresh issue of shares worth INR 3,750.1 Cr (about $449 Mn) and an offer-for-sale component worth INR 6,664 Cr (around $799 Mn), as per other regulatory filings.

Swiggy’s loss stood at $207 Mn (INR 1,730 Cr) during the first nine months of the financial year 2023-24 (FY24). The Bengaluru-based startup also clocked a revenue of $1.02 Bn (around INR 8,505 Cr as per current exchange rates) during April-December 2023.