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Swiggy is re-introducing a ‘daily’ service for home-cooked meals in Bengaluru

Foodtech

Swiggy, India’s leading food delivery and quick commerce company, has re-launched its ‘Swiggy Daily’ service in Bengaluru. The re-introduction comes four years after the service was shut down due to falling demand during the Covid lockdown. Originally launched in 2019, Swiggy Daily aims to provide affordable, healthy, home-style meals to its customers.

Unlike the first launch, Swiggy decided to integrate Swiggy Daily directly into its main app rather than maintaining it as a standalone app. This integration is designed to simplify the user experience and improve accessibility for users looking for regular, nutritious meals without the hassle of cooking.

Swiggy Daily offers flexible subscription plans ranging from three days to a month, allowing customers significant customization based on their meal requirements. This service primarily targets individuals and families looking for convenient, health-free dining options.

The relaunch in Bengaluru marks the early stages of deployment, indicating Swiggy’s cautious approach to scaling the service in a competitive market. Rival Zomato launched ‘Zomato Everyday’ last year, which focuses on similar home-cooked meal solutions provided by real home cooks. Initially piloted in parts of Gurugram, Zomato Everyday has since expanded to other cities, intensifying competition in this market segment.

Founded in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli and Rahul Jaimini, Swiggy has grown from simple food delivery to a multifaceted platform including Swiggy Instamart for fast food delivery and Swiggy Genie for courier services. In preparation for its expected public debut later this year, Swiggy is actively consolidating its various services. Recently, the company merged Swiggy Mall with Instamart and folded its premium grocery vertical InsanelyGood into Instamart as well, further streamlining its operations.

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In a regulatory filing last month, Swiggy announced its plans for an initial public offering (IPO), which aims to raise significant capital through a new share issue and an offer for sale to strengthen its market presence and fund future expansions. Details from Securities and Exchange Board of India (SEBI) filings reveal that Swiggy aims to raise about $449 million through the issue of new shares and about $799 million through the sale of existing shares.

Despite reporting a loss of USD 207 million in the first nine months of FY 2023-24, Swiggy posted revenue of USD 1.02 billion in the same period, showing significant business growth and resilience.

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