IPO-bound is rolling out a separate infrastructure for extended delivery timelines for some categories on Instamart as it tries to increase the selection and scope of its offerings.
“Not everything will come in 10 minutes; people will have needs of expanded selection, and I don’t think you can offer everything the consumer wants in 10 minutes,” Swiggy Co-founder and CEO Shriharsha Majety told YourStory in an interview on Monday.
At present, the foodtech company doesn’t plan to offer large white goods electronics under its expanded collection. It will focus on products that can be carried on a bike.
“I don’t think we would do large white goods electronics; it would be more of the variable category, more of the kitchen appliances, etc., under the expanded selection,” said Swiggy CFO Rahul Bothra on the sidelines of discussing the company’s impending IPO.
The development comes after reports suggested Zomato’s Blinkit is working on a new category of high-value items that will be delivered in 30 minutes, including jewellery, air purifiers, and water heaters.
Swiggy expects its quick commerce arm, Swiggy Instamart, to soon outpace its core food delivery business as demand for convenience shoots, especially in urban metros. Launched four years ago, the segment has already reached 40% of the company’s food delivery business in terms of gross order volumes.
Bolt, Swiggy’s 10-minute food delivery offering launched over a month ago, is gaining traction with restaurant partners and users. The company will focus on offering more selections and density in the service, as the selections in the current offering are not as wide, restricted by available nearby restaurant partners.
Its quick commerce peer, Zepto, offers a similar quick bites service on its platform under Zepto Cafe.
Swiggy’s IPO will open for bids on November 6, priced in the range of Rs 371-Rs 390 per equity share. The company aims to garner Rs 4,499 crore through the fresh issue of shares. It is expecting a valuation of around $11 billion at the time of its IPO.
