Food Delivery

Magicpin enters into quick commerce as 'magicNOW' with over 3,000 merchants

Hyper-local e-commerce firm magicpin has forayed into quick commerce for food delivery with the launch of its magicNow brand that will work for over 2,000 food brands and 1,000 merchants to start with, the company said on Tuesday. Unlike other quick commerce players, magicpin will not operate via dark stores for food delivery, the company said in a statement. "magicNOW is to provide fast food delivery within a 1.5 km to 2 km radius to maintain freshness and cuisine integrity, and will be initially launched in Bangalore, Hyderabad, Mumbai, Chennai, Delhi-NCR, and Pune," magicpin said. magicNOW will leverage the service of magicpin's logistic aggregator vertical -- Velocity. Under Velocity, magicpin acts as an aggregator of its third party logistics partners such as Shadowfax, Dunzo, Rapido, Porter, OLA, Zypp etc for the supply backend, consolidating all 3PL services under one umbrella for brands and its sellers. magicpin is currently offering Velocity to multiple brands including K

Food delivery economy crucial, generates large-scale employment: Gadkari

Union Minister Nitin Gadkari on Tuesday said the food delivery economy is very important for India as it generates large-scale employment. Addressing Zomato's 'Sustainability and Inclusivity: Role of the Platform Economy' conference, the Road Transport and Highways minister said that at present India has 77 lakh delivery workers and this number is likely to touch 2.5 crore by 2030. "Giving employment to 2.5 crore youths of this country is really a big thing for the country...The most important priority for all of us is to create jobs," he said. The minister also appreciated online food delivery platform Zomato for providing employment to a lot of unemployed youth of the country. He also expressed concerns about the number of road accidents and said the delivery boys have high chances of meeting accidents as they have to deliver the items in a limited time frame. Gadkari said that in India, 45 accidents and 20 deaths take place per hour. The maximum lives lost are between the age

Swiggy share jumps 9%, hits record as Axis Capital initiates with 'Buy'

The northward move in the Swiggy share price came after the domestic brokerage Axis Capital initiated coverage on Swiggy, with a 'Buy' rating and a target price of Rs 640 per share

Swiggy promotes Bhakoo to chief business officer for food marketplace

Former vice president and national business head, Bhakoo has been a part of Swiggy's leadership for over six years, driving regional and national growth

Food delivery app Swiggy launches invite-only 'One BLCK' premium membership

Select users will be able to upgrade their Swiggy One memberships to One BLCK at a launch price of Rs 299 for three months

Zomato share price hits new high, up 27% in one month; m-cap nears Rs 3 trn

At 11:49 am; with Rs 2.91 trillion market-cap Zomato was trading 5% higher at Rs 301.50, as against 0.38% decline in the BSE Sensex.

Swiggy expects positive adjusted EBITDA by Q3FY26: Sriharsha Majety

Majety said that he is expecting to see a new wave of opportunities and selection opening for the quick commerce business

Swiggy Q2 results: Loss narrows to Rs 626 crore, revenue rises 30%

Its expenses grew 23 per cent as the company continued its quick commerce expansion

Swiggy expands 10-minute food delivery service 'Bolt' to over 400 cities

On-demand convenience platform Swiggy Ltd on Monday said it has expanded its 10-minute food delivery offering, Bolt, to over 400 cities and towns across India. Initially launched in Bangalore, Chennai, Hyderabad, New Delhi, Mumbai, and Pune, Bolt is now active in cities like Jaipur, Lucknow, Ahmedabad, Indore, Coimbatore, and Kochi as well, Swiggy said in a statement. Swiggy has expanded the 10-minute food delivery service to Tier-2 and Tier-3 cities such as Roorkee, Guntur, Warangal, Patna, Jagtial, Solan, Nashik and Shillong among others, it added. Andhra Pradesh and Telangana have witnessed the highest adoption for Bolt followed by Haryana, Tamil Nadu, Gujarat, West Bengal, Rajasthan and Punjab, it added. Swiggy said it is actively partnering with restaurants to optimise order prioritisation for Bolt orders that have food items with minimum or no preparation time. "To ensure safety of delivery partners, they are not informed of the distinction between Bolt and regular orders, a

Swiggy rallies 12% in 2 days after UBS initiates coverage with 'Buy' rating

UBS believes Swiggy is well positioned to benefit from the rapid growth in India's food delivery and quick commerce markets with an estimated GMV and revenue CAGR of 35% and 29% over FY24-27e.

Zomato opens Rs 8,500 cr QIP offering, sets floor price at Rs 265.91

Food delivery aggregator Zomato has approved and authorised the opening of its Qualified Institutional Placement (QIP), setting the floor price at Rs 265.91 per share. The company earlier stated it plans to raise Rs 8,500 crore via the QIP offering. Zomato CEO Deepinder Goyal had shared that the proposed fundraise is meant to strengthen its balance sheet. In a regulatory filing on Monday, the food delivery platform said the Fund Raising Committee of the Board has approved and authorised the opening of the issue. "We further wish to inform you that the 'relevant date' for the purpose of the issue, in terms of Regulation 171(b)(i) of the SEBI ICDR (Issue of Capital and Disclosure Requirements) Regulations, is November 25, 2024...," it said. Accordingly, the floor price, based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations is Rs 265.91 per equity share, the filing said. "Pursuant to Regulation 176(1) of a special resolution on November 22,

Zomato's Deepinder Goyal receives 10K applications for chief of staff role

Rs 20 lakh fee was a filter, says Zomato's Goyal

To be chief of staff at Zomato, CEO says forget salary, pay Rs 20 lakh fee

Goyal assured candidates that the chief of staff position will come with an annual salary of at least Rs 5 lakh ($60,000) from the second year if things work out

Zomato expects food delivery biz to grow 30% annually over 5 yrs: Executive

Zomato has also been rolling out new features, including scheduled delivery, option to grab canceled orders at discounted prices

Swiggy: From a forgotten idea to Rs 1 trillion market cap on listing

Swiggy is the first company to list through the Securities and Exchange Board of India's confidential listing route, highlighting the competitive nature of the sector

Expecting very solid growth for next 3-5 years: Swiggy CEO Majety

Food delivery and quick-commerce major Swiggy on Wednesday said it is expecting "very solid" growth in the next 3-5 years and plans to expand its geographical footprint and stores network for Instamart business. The company which made a strong debut on the stock exchanges on Wednesday said it has doubled the categories for quick commerce in the last 12 months. "We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business," Swiggy CEO Sriharsha Majety said post the listing ceremony. Swiggy listed at Rs 412, reflecting a jump of 5.64 per cent from the issue price on the BSE. Later, it surged 15.12 per cent to Rs 449 apiece. The Rs 11,327-crore initial public offer of Swiggy got fully subscribed on the final day of the share sale on Friday, ending with 3.59 times subscription. The initial share sale had a price range of Rs 371-390 a share. The company's IPO (Initial Public Offering) had a fresh issue of

NSE and Zomato partner to boost financial literacy for delivery workers

The National Stock Exchange of India (NSE) on Tuesday said it has inked a pact with online food delivery platform Zomato to promote financial literacy and investor awareness programmes among the gig economy workers. This partnership aims to launch an extensive financial literacy and investor awareness drive, specifically designed for Zomato's delivery partners, impacting the lives of over 50,000 gig workers across the country, NSE said in a statement. As a part of the pact, fundamental aspects of personal finance management and the basics of investing will be covered. Topics will include budgeting, saving, investing, debt management, and insurance, among others. To ensure accessibility and inclusivity, the programme will be conducted in multiple regional languages, catering to a diverse audience among the gig workforce. "This partnership with Zomato is a significant step in expanding our outreach to a critical segment of the workforce that drives the digital economy. By equipping .

Swiggy pilots 'Yello' service marketplace as Zomato eyes concierge model

Swiggy and Zomato, India's top delivery platforms, are branching out beyond core food and grocery services. Swiggy's 'Yello' marketplace and Zomato's concierge model lead new initiatives

Rs 11K crore IPO in sight, Swiggy projects quick commerce as the future

Will surpass food delivery biz in 5 yrs, says CEO; announces India's 6th biggest initial issue

Here's why a lot can go wrong when everything arrives in just 10 minutes

To have at least half a dozen options for quick commerce is a good thing in an economy where concentration of large monopolies and duopolies is on the rise