Swiggy Shares Zoom 10% On Monday; Why Food Tech Stock Up Today?
Swiggy's shares surged 10% intraday on May 05 after expanding its quick food delivery service 'Bolt' to over 500 cities in India.
Swiggy Share Price: Swiggy's shares zoomed 10 per cent intraday on Monday, May 05, following two positive news for the food tech delivery company. The sharp surge in the price came after the food tech expanded its quick food delivery service 'Bolt' in over 500 cities across India.
Meanwhile, Swiggy is expanding its QFDS 'Bolt, while Zomato, its rival, discontinued its QFDS 'Quick' as announced in the earnings announcement.
'We are actually shutting down both these initiatives (Zomato Quick and Everyday) as we are not seeing the path to profitability in these without compromising on customer experience. The current restaurant density & kitchen infrastructure is not set up for delivering orders in 10 minutes which leads to inconsistent customer experience. As a result, we did not see any incrementality in demand while we ran Quick as an experiment for a few months," Zomato said in the filing.
The scrip was trading at Rs 333.55 apiece with a gain of 9.24 per cent at the time of writing this report. Earlier, it opened at Rs 308.70 apiece, against the previous day close at Rs 305.35 apiece.
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Launched in October 2024, Bolt has surged across metros as well as Tier 2 and Tier 3 towns, powered by a network of over 45 thousand restaurant brands.
In less than 6 months of being launched, Bolt already powers more than 1 in every 10 Food delivery orders delivered by Swiggy.
At its core, Bolt is a breakthrough in operational intelligence. It combines smart backend optimization with a curated menu of quick-serve, high-demand items that have minimal or no preparation time. With delivery radius limited to 2 km, the service maintains quality while ensuring reliability. Popular QSR brands like KFC, McDonald's, Subway, Faasos, Burger King, and Curefoods are already live on Bolt, alongside a fast-growing roster of local favourites, the company said in the filing.
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