Shares of food delivery platform Swiggy surged over 5% on May 5 after the company announced rapid nationwide expansion of its 10-minute delivery service Bolt, now live in over 500 cities across India. The rally comes shortly after arch-rival Zomato (now rebranded as Eternal) declared its exit from the quick delivery space.
Zomato's Q4 FY25 results revealed the closure of its experimental 10-minute food service 'Quick' and home-style meals vertical 'Everyday', citing unsustainable profitability and operational constraints.
In contrast, Swiggy’s press release highlighted Bolt’s rapid growth since its launch in October 2024. In just under six months, Bolt now handles over 10% of all food delivery orders on the platform. The service reportedly thrives in both metro hubs and Tier 2 & 3 towns, powered by a dense network of over 45,000 restaurant partners.
Swiggy claims Bolt is driven by a refined logistics model emphasizing hyperlocal delivery (within a 2-km radius) and pre-curated, fast-serve menus, ensuring reliability and food quality. Popular QSR chains like KFC, McDonald’s, Burger King, and Faasos have already joined the platform, strengthening its appeal.
Rohit Kapoor, CEO of Swiggy Food Marketplace, said Bolt is designed for the evolving pace of modern consumer life.
“We built Bolt for that moment when you're hungry and want your food now—without compromise,” Kapoor stated.
Meanwhile, Zomato’s CEO Deepinder Goyal admitted the Quick initiative failed to generate meaningful customer demand, largely due to gaps in kitchen infrastructure and restaurant density.
Despite today's stock rally, Swiggy's shares—trading at Rs 321 apiece at noon—have still seen a 41% decline in 2025 so far.
Disclaimer:
This article is for informational purposes only and should not be construed as financial advice. Investors are advised to consult a certified financial advisor before making investment decisions.
