Swiggy Daily, launched in 2019, was terminated due to diminishing demand during the Covid-induced lockdowns. Interestingly, Swiggy is incorporating its homestyle food service, Daily, right into its main app at this time. Last year, Zomato launched ‘Zomato Everyday’ to enter the cheap home-style meal delivery category.
Swiggy has resurrected its homestyle meal delivery service, Swiggy Daily, four years after removing it from the menu. Swiggy terminated the service, which was first provided in 2019, due to diminishing demand during Covid-induced lockdowns.
Now, the food delivery and rapid commerce behemoth has restarted service in Bengaluru, albeit the deployment is still in its early stages.
Interestingly, Swiggy is integrating Swiggy Daily right into its main app this time, rather of having a separate application, as was the case previously.
Swiggy Daily primarily caters to people wanting healthy, home-cooked meals at a reasonable price. The service provided flexibility, allowing consumers to choose subscriptions ranging from three days to one month.
Last year, Zomato introduced ‘Zomato Everyday’, a new home-style meal service aiming at providing low-cost, freshly made meals by actual home chefs. The ‘Zomato Everyday’ service, which was first tested in certain sections of Gurugram in February of the previous year, has now been expanded to include other cities and places.
Swiggy, founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini (who left the firm in 2020), began as a meal delivery service. Later, it established Swiggy Instamart, a rapid commerce sector. It also provides a courier service called Swiggy Genie.
Swiggy has been streamlining and consolidating its operations in preparation for its public debut, which is due later this year. Swiggy recently united Swiggy Mall with its rapid commerce platform, Instamart. Furthermore, in March, Swiggy merged its premium grocery vertical, InsanelyGood, with Instamart, demonstrating attempts to optimize and expand its services.
Swiggy filed for an IPO with the Securities and Exchange Board of India (SEBI) last month via the confidential pre-filing process.
According to additional regulatory documents, the startup’s IPO offer would contain a fresh issue of shares worth INR 3,750.1 Cr (about $449 Mn) as well as an offer-for-sale component worth INR 6,664 Cr (around $799 Mn).
Swiggy lost $207 million (INR 1,730 crore) during the first nine months of fiscal year 2023-24. The Bengaluru-based business also earned $1.02 billion (approximately INR 8,505 crore at current exchange rates) between April and December 2023.
