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Food and grocery delivery behemoth <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> is on a roll, pushing out multiple new services simultaneously, ahead of the festive season, and its much-touted Rs 11,664 crore IPO. Experts anticipate the IPO to hit the bourses in the upcoming months. Earlier last week, the company's shareholders had approved of raising the fresh issue component of the IPO, from Rs 3,750 crore previously to Rs 5,000 crore. This will allow Swiggy to add an extra Rs 1,250 crores to its coffers for future growth. The remaining Rs 6,664 crore will be an OFS (offer for sale), largely paving a way for Swiggy's old investors to exit. In the buildup to its IPO, the delivery giant is dialing up the competitive fever big time with rival <keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword>, which went public in 2021. Swiggy recently launched <keyword id="23440051" type="General" weightage="20" keywordseo="XL-Fleet" source="keywords">XL Fleet</keyword> for large-scale <keyword id="20299302" type="General" weightage="20" keywordseo="food-delivery" source="keywords">food delivery</keyword> and Bolt, which is an <keyword id="23461052" type="General" weightage="20" keywordseo="AI-powered-logistics" source="keywords">AI-powered logistics</keyword> system. Per some media reports, the company is also launching an invite-only concierge membership program called the "Rare Club", which will have an annual fee of up to Rs 50,000. <h2>Who doesn't love a little pettiness? </h2>But that's not it. In the time being, Swiggy is also aggressively looking for ways to gain maximum public attention, one of which is by sponsoring the fourth season of the popular entrepreneurial reality show <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword>. But here's the catch-a key condition of this deal is to not bring back Zomato CEO <keyword id="19901325" type="General" weightage="20" keywordseo="deepinder-goyal" source="keywords">Deepinder Goyal</keyword> as a shark. Media reports suggest that Swiggy is set to close on a massive Rs 40-60 crore sponsorship deal with the show. But in a seemingly low-ball move, Swiggy has blocked the return of Zomato CEO Deepinder Goyal as one of the investors on the show. Goyal had made his debut on the third season of the show, and was looking to make a comeback alongside long-time regulars such as Anupam Mittal, Aman Gupta, Namita Thapar and Peyush Bansal. <h2>Bolting ahead with XL</h2>In a move that clearly underlines its ambitious expansion plans, Swiggy also recently announced the launch of its new XL Fleet service, which will look to cater exclusively to bulk orders and large-scale food deliveries. Per Swiggy's co-founder Nandan Reddy, XL is a natural evolution of Swiggy's services. As it is, a recent report by Bain and Company highlighted that India's food services market is set to double to a massive Rs 9 trillion by 2030, surging up significantly from its current standing of Rs 5.5 trillion. Not just that, the customer base is also set to expand from 320-340 million as of 2023 to 430-450 million by the end of the decade. Earlier this year, Zomato had also stepped in this segment by launching its large-order electric fleet, which could serve orders for a gathering of up to 50 people. Alongside this, Swiggy has unveiled Bolt, which is an AI-powered logistics system specifically designed to optimize delivery routes, predict demand patterns, and improve overall operational efficiency. The aim is to bring down on delivery time and costs, giving Swiggy a massive competitive edge in the growing food and quick delivery market. With this feature, Swiggy claims that users can get certain meals such as burgers, <h2>Challenges Await </h2>As of FY24, Swiggy's operating revenue stood at ₹112.5 billion, a 36% jump from the previous year. The company also managed to reduce its net losses by as much as 44% to ₹23.5 billion. While these may come across as positive signs, which are also pushing the company's unlisted shares to new heights, Swiggy significantly lags behind Zomato in both food delivery and quick commerce segment. Consider this. Per Morgan Stanely, as of FY24, Swiggy's GOV (gross order value) at Rs 24,700 crore, was far lower than Zomato's Rs 32,200 crore. Swiggy's GOV and AOV grew at a CAGR of 15.5% and 2.5% respectively, between FY22-24. In contrast, Zomato's GOV and AOV registered a CAGR of 23% and 3.7%, respectively. At 12.7 million, Swiggy's MTU (monthly transacting users) for FY24 were also a far cry behind Zomato's 18.4 million. Even when it comes to average order value (AOV), Swiggy's Instamart lags behind Zomato's Blinkit. This is also why analysts believe that despite Swiggy narrowing the gap on most key metrics like AOV, GOV and more, the company's share will command a lower valuation than that of its rival Zomato.

Ahead of much awaited IPO, what is Swiggy upto? Launching XL Fleet, premium membership and kicking out Zomato CEO

Dear readers, As another week ends and festive season lights up India, the world of business, tech, and sustainability brings you some new stories to explore. <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> is preparing for a grand IPO launch, expected to open on November 6, which could set the tone for India’s tech sector. Meanwhile, a Blinkit customer was in for a shock when he ordered a gold coin online. There was also a stark forecast that India could lose 25% of its economy by 2070 if immediate action isn’t taken. In addition to this, <keyword id="19974102" type="General" weightage="20" keywordseo="Amazon-Web-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon Web Services" meta.hostid="261" meta.entityid="Amazon Web Services">Amazon Web Services</keyword> CEO was in the limelight for his comments on <keyword id="20294959" type="General" weightage="20" keywordseo="work-from-office" source="keywords">work from office</keyword> mandate. <h2>Top stories of the week </h2> Swiggy sets IPO price band between ₹371-₹390; offer likely to open on November 6 Swiggy has announced its initial public offering (IPO) price band, which will range between ₹371 and ₹390 per share. The much-anticipated IPO includes both fresh issues and an offer for sale, and it is expected to open on November 6. Swiggy’s move to go public this year highlights its growth trajectory as one of India’s top tech IPOs, with proceeds likely aimed at expanding its footprint and product offerings. <a href="https://www.businessinsider.in/stock-market/news/swiggy-sets-ipo-price-band-between-rs-371-390/share-offer-likely-to-open-on-november-6th-heres-all-you-need-to-know/articleshow/114722518.cms" data-type="tilCustomLink" target="_blank">Read more</a> “I was scammed, cried while talking to delivery executive,” man orders gold coin from Blinkit, claims to receive wrong item In a recent incident, a Delhi resident reported receiving a 0.5 gm gold coin instead of the 1 gm he had ordered from Blinkit. Despite sharing evidence and CCTV footage, Jain’s complaints were not addressed in time, as Blinkit’s support team said the complaint window had closed. The issue has sparked a social media discussion, highlighting concerns about quality control and customer service on e-commerce platforms. <a href="https://www.businessinsider.in/tech/news/i-was-scammed-cried-while-talking-to-delivery-executive-man-orders-gold-coin-from-blinkit-claims-to-receive-wrong-item/articleshow/114767787.cms" data-type="tilCustomLink" target="_blank">Read more</a> India could lose a quarter of its economy by 2070, here’s why A new report has forecast that India’s economy could shrink by up to 25% by 2070 due to unchecked climate risks. Key sectors across the country may face significant productivity and revenue losses if policies aren’t adapted to mitigate these impacts. This sobering projection calls for urgent action in sustainability efforts to protect India’s economy and ensure long-term resilience against climate-induced disruptions. <a href="https://www.businessinsider.in/sustainability/news/india-could-lose-a-quarter-of-its-economy-by-2070-heres-why/articleshow/114840631.cms" data-type="tilCustomLink" target="_blank">Read more</a> 'Find another company if it doesn’t work for you’: Amazon Web Services CEO on work from office mandate Amazon Web Services (AWS) CEO Adam Selipsky has reaffirmed the company’s commitment to a work-from-office mandate, even suggesting that employees unhappy with the policy may want to consider alternatives. AWS’s stance underscores Amazon’s prioritization of in-office work, aligning with its broader efforts to encourage collaboration. The decision comes as many tech firms continue to face challenges in balancing remote and in-office work. <a href="https://www.businessinsider.in/tech/news/find-another-company-if-it-doesnt-work-for-you-amazon-web-services-ceo-on-work-from-office-mandate/articleshow/114677655.cms" data-type="tilCustomLink" target="_blank">Read more</a> Partner pay at big 4 firms is dropping, the latest sign of the consulting slowdown A slowdown in the consulting industry is leading to notable reductions in partner pay at Big 4 firms. This comes as demand for consulting services sees a dip amid economic uncertainty, with firms choosing to cut back on bonuses and other expenses. This trend reflects broader economic pressures affecting consulting firms worldwide, forcing some to rethink their strategies and compensation models. <a href="https://www.businessinsider.in/finance/news/partner-pay-at-big-4-firms-is-dropping-the-latest-sign-of-the-consulting-slowdown/articleshow/114696160.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2>Top web stories </h2> <a href="https://www.businessinsider.in/travel/india/webstories/8-incredible-getaways-from-jaipur-this-november/slidelist/114769420.cms" data-type="tilCustomLink" target="_blank">8 incredible getaways from Jaipur this November</a> <a href="https://www.businessinsider.in/science/health/food/webstories/weight-loss-myths-debunked-facts-you-need-to-know/slidelist/114726093.cms" data-type="tilCustomLink" target="_blank">Weight loss myths debunked</a> <a href="https://www.businessinsider.in/thelife/webstories/9-budget-friendly-bhai-dooj-gifts-to-make-your-sister-feel-special/slidelist/114841910.cms" data-type="tilCustomLink" target="_blank">9 budget-friendly Bhai Dooj gifts</a>

Weekend wrap: Swiggy IPO price band, BlinkIt gold coin customer's ordeal, India's GDP woes, and more

Dear reader, Another week comes to an end, and with it, a fresh roundup of stories shaping the business and finance landscapes. This week, we explored data that challenges the idea that large IPOs automatically lead to large returns—18 of India’s biggest IPOs fell short of expectations. On the investment front, experts debunked the popular advice of ‘<keyword id="23577643" type="General" weightage="20" keywordseo="buying-the-dip" source="keywords">buying the dip</keyword>’ and suggest a better approach for long-term success. And in the world of <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword>, recent incidents like bizarre notifications and uncalled-for freebies piqued social media's interest. For stargazers and romantics, the upcoming <keyword id="22852367" type="General" weightage="20" keywordseo="Hunters-Moon" source="keywords">Hunter’s Moon</keyword> offers a beautiful setting for a moonlit night. And for career climbers, we have insights from a <keyword id="21560867" type="General" weightage="20" keywordseo="product-manager" source="keywords">product manager</keyword> who landed a $180,000 role at <keyword id="19904352" type="General" weightage="20" keywordseo="Cisco" source="keywords" meta.keywordsubtype="org" meta.entityname="Cisco" meta.hostid="261" meta.entityid="Cisco">Cisco</keyword>, sharing <keyword id="21767233" type="General" weightage="20" keywordseo="resume-tips" source="keywords">resume tips</keyword> to help you stand out. Dive in, and enjoy this week’s highlights! <h2>Top stories of the week</h2> Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns A study of India’s top 30 IPOs reveals that a majority—18 of them—failed to deliver substantial returns to investors. Despite the hype surrounding large public offerings, data shows that a company’s size or popularity doesn’t always correlate with strong post-IPO performance. Investors are urged to manage their expectations and conduct thorough research before jumping into large IPOs, as high-profile launches don’t guarantee hefty returns. <a href="https://www.businessinsider.in/finance/news/do-large-ipos-guarantee-large-returns-data-suggests-that-18-of-indias-biggest-30-ipos-did-not-generate-hefty-returns/articleshow/114302378.cms" data-type="tilCustomLink" target="_blank">Read more</a> Free tomatoes to i-pill notification, recent quick commerce incidents that sparked outrage Recent incidents in India’s quick commerce sector have sparked widespread outrage, ranging from offering free tomatoes as promotional giveaways to sending unsolicited I-Pill notifications to customers. These occurrences highlight issues around <keyword id="19999043" type="General" weightage="20" keywordseo="consumer-privacy" source="keywords">consumer privacy</keyword>, safety, and inappropriate marketing strategies. As rapid delivery services continue to expand, so do concerns about their ethical and operational practices. <a href="https://www.businessinsider.in/business/news/free-tomatoes-to-i-pill-notification-recent-quick-commerce-incidents-that-sparked-outrage/articleshow/114315992.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why "buying the dip" is not always good advice, and the right time to start is now The age-old investment advice of ‘buying the dip’ may not always hold true, especially in unpredictable markets. Experts argue that waiting for stocks to drop before investing could result in missed opportunities, as market timings are nearly impossible to predict. Instead, the best strategy for long-term investors may be to focus on consistent investing, with the right time to start being now. <a href="https://www.businessinsider.in/stock-market/news/why-buying-the-dip-is-not-always-good-advice-the-right-time-to-start-is-now/articleshow/114253456.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why this week's Hunter's Moon is the ultimate backdrop for the perfect moonlit date night The upcoming Hunter’s Moon, which will grace the skies this week, offers the perfect opportunity for a romantic, moonlit night. This full moon is not only visually stunning but also holds cultural significance, symbolizing harvest and abundance. For those seeking an atmospheric, nature-infused experience, this celestial event promises to be the ultimate backdrop for a memorable date night. <a href="https://www.businessinsider.in/science/space/article/why-this-weeks-hunters-moon-is-the-ultimate-backdrop-for-the-perfect-moonlit-date-night/articleshow/114317181.cms" data-type="tilCustomLink" target="_blank">Read more</a> A product manager shares the résumé that helped him transition from consulting and land a $180,000 role at Cisco Transitioning from consulting to a high-paying role as a product manager at Cisco, one professional shared the resume that helped him land the $180,000 job. His strategic approach included tailoring his CV to highlight relevant skills and experiences, positioning himself as the perfect candidate for the tech giant. Aspiring product managers can take notes on crafting resumes that stand out in competitive job markets. <a href="https://www.businessinsider.in/careers/news/a-product-manager-shares-the-rsum-that-helped-him-transition-from-consulting-and-land-a-180000-role-at-cisco/articleshow/114232654.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2><h2>Web Stories </h2> <a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank">India-Canada Tussle: A timeline of escalating tensions under Trudeau’s regime</a><a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank">The weirdest Guinness World records ever set</a><a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/travel/india/webstories/from-amber-to-gagron-indias-unesco-world-heritage-forts-to-explore/slidelist/114282776.cms" data-type="tilCustomLink" target="_blank">Amber to Gagron: India’s UNESCO world heritage forts to explore</a> </h2>

Weekend wrap: IPO myths, quick commerce gone wrong and more

<ul class="summary-list"><li>Food delivery costs have gone up for customers over the last few years.</li><li>But <a target="_blank" href="https://www.businessinsider.com/golden-age-gig-work-instacart-doordash-delivery-jobs-over-2023-12">gig worker earnings</a> have fallen from their early-pandemic highs. </li></ul>There's a growing contradiction behind that burrito you just had delivered for dinner.Chances are, you paid a premium — <a target="_blank" href="https://www.businessinsider.com/fast-food-delivery-apps-price-markups-2023-9">over one-third more</a> than if you had walked into the restaurant for takeout — just to have someone drop it off at your door.But at the same time, the gig worker who made the delivery for <a target="_blank" href="https://www.businessinsider.com/how-delivery-driver-gets-big-tips-declines-orders-wealthy-areas-2023-4">DoorDash</a>, Uber Eats, or a similar service may be getting paid less than they would have a few years ago.Making deliveries used to be more lucrative — during the pandemic, for instance — but many <a target="_blank" href="https://www.businessinsider.com/uber-lyft-doordash-drivers-earn-below-minimum-wage-tips-study-2024-5">gig workers now make less than minimum wage.</a> That's driving some to abandon gig work — a possible problem for companies who need delivery drivers to keep clients served, and in a timely fashion.And while some cities have imposed minimum-wage laws for gig workers, that's also a problem for companies, they say, claiming it's leading to higher costs for consumers.The increasing tension points to a broader question in the delivery world that's become clearer than ever this year: Can the delivery business be profitable for the companies, affordable for consumers, and pay workers a living wage at the same time?<h2 id="d8e07f1e-6d60-4ded-8c3e-a6589f2d0624">"I saw the writing on the wall"</h2>One Instacart worker in California said he made delivering for the app his full-time source of income in 2020. But starting early in 2023, his daily earnings started falling.That's when he first considered that his work for Instacart wouldn't last forever. "I saw the writing on the wall," he told Business Insider. He asked not to be named in this article, citing fear of Instacart deactivating his account.An Instacart spokesperson said the company's force of gig delivery workers "has remained steady" at about 600,000 in North America and that Instacart has made no changes to what it pays in California.They also said workers who want to earn more through the app can sign up for different kinds of deliveries, such as prescriptions, alcohol, and heavy items.That's not enough for the worker."I really feel that the gig economy, it's going to be there for a long while," he said. "But as for myself, it's just no longer really worth it." Now, he's looking for a regular full-time remote job.<h2 id="096caf18-0f01-4b49-951a-3af1cb989af8">New laws aim to raise gig worker pay</h2>Cities like New York and Seattle are trying to solve the pay problem with new regulations mandating how much delivery workers earn.<a target="_blank" href="https://www.businessinsider.com/seattle-gig-workers-could-get-pay-cut-under-payup-replacement-2024-5">In Seattle, a law that took effect in January</a> aims to pay delivery workers for services, including Instacart and DoorDash, a rate equivalent to the city's $19.97-an-hour minimum wage for W-2 employees, for example.One worker who has delivered food for DoorDash in Seattle since the law entered into force told BI that he's seen his per-hour earnings increase since January. He asked not to be named in this story for fear of retaliation at work, but BI has verified his identity and work."It's more steady," the worker told BI. "Before, you'd go out and make $14 or $16 per hour." Now, his income before taxes and his costs, like vehicle upkeep, are as high as $25 per hour. Unlike employees, contractor delivery workers have to cover many of their own costs.But the delivery companies are <a target="_blank" href="https://www.businessinsider.com/instacart-doordash-pushing-back-against-seattle-gig-worker-laws-payup-2024-4">campaigning against Seattle's law</a>. They've also added fees to orders in response to it.A DoorDash spokesperson told BI that the law has led to higher costs for customers and longer wait times to claim orders for its couriers. "No one wins under this law, including delivery workers," the spokesperson said.<h2 id="2efd2903-2a29-4844-b0c8-1b90a624d127">Gig workers have had to get choosier about jobs</h2>The dilemma isn't unique to the food delivery world.Plenty of startups have attracted early customers by offering their products or services to customers by taking a huge loss — consider all those flyers from meal kit companies like HelloFresh that used to show up in your mailbox offering a dozen or more free dinners for signing up.The strategy: To get you, the customer, so used to what's being offered that you'll keep paying for it — even when prices start going up.Timothy Turer, who has worked in rideshare and gig delivery in Florida since 2016, remembers the dirt-cheap fares that Uber and Lyft offered riders early on."I had people jump in a car and being like 'You won't believe how much I paid for this ride: $5!'" he told BI. "I'm getting paid $15, so I don't know what you think you're doing, but they're just addicting you to the service."Today, fares are higher for customers, but Turer said he hasn't seen the benefits. Consequently, he said that he's been more strategic about which rides he takes. He sticks mostly to trips that customers schedule in advance, such as early-morning journeys to the airport, which tend to be more lucrative for him.Waiting around busy parts of town to pick up rides on the spot no longer makes financial sense, Turer said. "I don't want to do that anymore," he said. "The scheduled rides work very well."<h2 id="f56bd1ab-f924-4e72-a677-b4fc5129f6b9">Some workers figure it's better to leave the business</h2>Companies are facing a balancing act between paying workers enough to keep them working, turning a profit, and not hiking prices for customers so much that it turns them off.It's tough.In February, <a target="_blank" class="" href="https://www.businessinsider.com/uber-drivers-feeling-squeezed-pay-after-company-hits-profit-2024-2">Uber posted its first annual profit</a> — but 15 years after its founding.And rival DoorDash has yet to hit the same milestone despite narrowing losses and growing revenue. Meantime, Instacart, which said it was profitable in 2022 ahead of its IPO, swung to a loss in 2023.Paying delivery workers is one of the biggest costs for the companies. But with many telling BI that the job has gotten less profitable for them lately, or <a target="_blank" class="" href="https://www.businessinsider.com/i-started-delivery-business-after-working-for-doordash-amazon-flex-2024-3">setting up their own delivery services, </a>or even <a target="_blank" class="" href="https://www.businessinsider.com/doordash-drivers-want-extra-tips-before-delivery-customers-complain-2023-5">begging food delivery customers</a> for better tips, it's clear cracks are starting to show in the well-polished delivery system.Are you a gig worker and have a story idea to share? Reach out to this reporter at <a target="_blank" href="mailto:abitter@businessinsider.com">abitter@businessinsider.com</a>

The delivery reckoning is here

<keyword id="19896956" type="General" weightage="100" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword>’s stock market debut has been awaited for a long time and recent reports suggest that the Bengaluru-based company is expected to raise more than USD 1 billion through its IPO. Reports also suggest that the company might soon file its draft red herring prospectus (DRHP) with the <keyword id="19901204" type="General" weightage="20" keywordseo="Securities-and-Exchange-Board-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Securities and Exchange Board of India" meta.hostid="261" meta.entityid="Securities and Exchange Board of India">Securities and Exchange Board of India</keyword> (Sebi), potentially launching its IPO as early as this week. Meanwhile, Swiggy has been busy implementing several notable changes across its operations, probably to gear up for its IPO. From changing leadership to expanding Instamart’s reach, let us take a look some changes implemented by Swiggy in the last few months. <h2>Leadership overhaul </h2> One of the most significant shifts has been at <keyword id="19939135" type="General" weightage="20" keywordseo="Swiggy-Instamart" source="keywords">Swiggy Instamart</keyword>, the company's quick commerce arm. Swiggy appointed <keyword id="22954620" type="General" weightage="20" keywordseo="Amitesh-Jha" source="keywords">Amitesh Jha</keyword>, a seasoned executive from Flipkart, as the new CEO of Instamart last month. This move marks the third leadership change for Instamart in just 18 months. As part of this transition, Phani Kishan, the outgoing head of Instamart, was announced to take on a broader role within Swiggy, overseeing the Central Growth unit and working closely with co-founder Sriharsha Majety on new initiatives. <h2>Expanding Instamart’s reach </h2> Swiggy Instamart has also been on an expansion spree, recently launching in 11 new cities across India, including Rajkot, Thrissur, and Kanpur. This expansion marks a strategic push into Tier 2 and 3 cities, broadening its customer base beyond metropolitan areas. The platform, which offers delivery of daily essentials in just 10 minutes, also said in a press release that it has seen encouraging results in these new locations. In Mangalore, for example, a new store achieved 1,000 orders in a single day faster than many larger cities. This localised approach, featuring partnerships with regional vendors, has enhanced Instamart’s appeal and efficiency in serving diverse customer needs. "Users across India already recognise the convenience Swiggy provides," Amitesh Jha said in a press release and added, "The enthusiastic demand from smaller towns and cities has been incredibly encouraging. Our expansion into these new locations marks a significant milestone, allowing even more people to experience the ease of having thousands of products—from everyday essentials to electronics and toys—delivered in just 10 minutes from both national and local brands." <h2>Changes in management </h2> Swiggy has also made notable changes in its management team recently. Himavant Srikrishna Kurnala, previously with Reliance Retail’s JioMart, was appointed as the head of product for Instamart earlier this year. His appointment is part of a broader strategy to strengthen the team ahead of the IPO. Other key hires include Mayank Rajvaidya, who has been named vice president of fruits and vegetables, and Manu Sasidharan, who joined as associate vice president of the FMCG category. These additions come in the wake of several high-profile departures from the company, signalling a recalibration of Swiggy’s leadership structure. <h2>Policy changes for restaurant partners </h2> Swiggy’s founder recently revealed that the decade-old startup partners with over 3 lakh restaurants today. And thus, when a policy change decision was announced that impacted restaurant partners directly, it made headlines. In a move to standardise its service fees, Swiggy extended its gross value service fee policy to restaurants in non-metro areas. This change, effective from August 14, involves charging a service fee on the gross value of orders, including GST and packaging fees. This adjustment was expected to lead to an increased commission for restaurant partners in smaller towns and cities. The policy shift aligns with the fees already applicable to restaurants in larger urban areas and reflects Swiggy’s efforts to streamline its revenue model. <h2>Converting into a public limited company </h2> To facilitate its upcoming IPO, Swiggy also transitioned from a private limited company to a public limited company. Earlier this year, Swiggy updated its name to <keyword id="23191546" type="General" weightage="20" keywordseo="swiggy-limited" source="keywords">Swiggy Limited</keyword>, removing the term 'Private' to better align with its public offering aspirations. This strategic move was intended to prepare the company for public investment and enhance its market presence. As Swiggy readies itself for its IPO, these changes underscore the company's commitment to growth, innovation, and adaptability. The upcoming listing marks a significant milestone in Swiggy’s journey, reflecting its ongoing evolution and strategic realignment in the competitive food delivery landscape.

Swiggy is preparing for its IPO soon: A look at some recent changes in the company

New Delhi: <keyword id="19904868" type="General" weightage="100" keywordseo="Ecom-Express" source="keywords">Ecom Express</keyword> Ltd has filed draft papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> to garner Rs 2,600 crore through an initial share-sale. The company's <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (<keyword id="19898327" type="General" weightage="20" keywordseo="IPO" source="keywords">IPO</keyword>) comprises a fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP). Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt. Also, the remaining funds will be used for general corporate purposes and potential acquisitions, according to the draft papers filed on Wednesday. The company may consider raising Rs 257 crore through a pre-IPO placement. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Ecom Express operates a pan-India express logistics network that handles first-mile pick-up, mid-mile transportation, last-mile delivery, returns, and warehousing services. By offering essential logistics infrastructure and using technology, the company connect digital retailers and <keyword id="19990771" type="General" weightage="20" keywordseo="e-commerce" source="keywords">e-commerce</keyword> platforms with consumers across the country. According to RedSeer report, the <keyword id="22803827" type="General" weightage="20" keywordseo="Indian-e-commerce-market" source="keywords">Indian e-commerce market</keyword> is projected to grow significantly, with a compound annual growth rate (CAGR) of 21 per cent over the next five years. It is expected to increase from Rs 5.1 lakh crore in 2024 to Rs 12.5-13.5 lakh crore by 2029. Growth is notably strong in Tier 2+ regions, which are expected to account for 70-80 per cent of B2C e-commerce shipments by 2029, up from 62 per cent in 2024, the report added. Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd and UBS Securities India Private Ltd are the book running lead managers to the company's public issue.

Ecom Express files papers with Sebi for Rs 2,600-crore IPO

<ul><li><keyword id="19901323" type="General" weightage="20" keywordseo="Zomato" source="keywords" meta.keywordsubtype="org" meta.entityname="Zomato" meta.hostid="261" meta.entityid="Zomato">Zomato</keyword> and <keyword id="19896956" type="General" weightage="20" keywordseo="Swiggy" source="keywords" meta.keywordsubtype="org" meta.entityname="Swiggy" meta.hostid="261" meta.entityid="Swiggy">Swiggy</keyword> have increased the <keyword id="20299300" type="General" weightage="100" keywordseo="platform-fee" source="keywords">platform fee</keyword> charged to users by 20%.</li><li>With this increase, the platform fee has increased from ₹5 to ₹6.</li><li>The platform fee charged is different from GST, delivery charges and restaurant charges applied on the platforms.</li></ul> Your food deliveries will get costlier as Zomato and Swiggy have started increasing the platform fee by 20%. The <keyword id="19922227" type="General" weightage="20" keywordseo="food-delivery-platforms" source="keywords">food delivery platforms</keyword> will now charge users ₹6 per order. Food delivery platforms Zomato and Swiggy introduced platform fees in 2023, which began at ₹2 per order. This was then increased to ₹3 and then to ₹5 in April 2024. <h2>Platform fee increases threefold</h2>In yet another increase, the two food delivery platforms have increased the platform fee to ₹6. This means that the platform fee has increased threefold in a year. The platform fee is different from other charges levied on orders such as GST, delivery charges and restaurant charges. Customers are required to pay this charge irrespective of any membership such as<a href="https://www.businessinsider.in/business/news/swiggy-cracks-down-on-password-sharing-allows-users-to-use-same-account-on-only-two-devices/articleshow/97548345.cms"> Swiggy One</a> or<a href="https://www.businessinsider.in/tech/apps/news/zomato-gold-re-launched-with-free-deliveries-vip-access-up-to-40-discount-on-dining-and-more/articleshow/97273088.cms"> Zomato Gold</a>. The increased platform fee is currently being tested in selected cities such as Delhi and Bengaluru. It is expected to be rolled out in a phased manner across all major cities. While an increase of ₹1 may seem insignificant to most people who place orders online, it adds up to a good source of revenue for Swiggy and Zomato which process lakhs of orders every day. Platforms such as Zomato and Swiggy aim to earn ₹1.25 to ₹1.5 crore per day through platform fees. <h2>Customers not happy</h2>Customers have not reacted positively to this news. Posts on platforms like X have criticised this move, calling for users to directly order from restaurants. <div type="twitter" handle="trippyankit" handlename="trippyankit" favoritecount="0" retweetcount="0" id="1812756936669921328"></div> The user highlighted that food prices are already comparatively higher on food delivery platforms. The difference in price is due to the commission paid by restaurants to Swiggy and Zomato, which usually ranges between 20 to 30%. <h2> Zomato share price surges</h2>Zomato’s share price increased by 3% to close at ₹229.10 on Monday after the company increased the platform fee. The company’s share price has increased by over 70% in the last six months, helping the company’s chief executive officer (CEO)<a href="https://www.businessinsider.in/stock-market/news/zomatos-deepinder-goyal-joins-elite-list-of-indian-billionaires/articleshow/111747793.cms"> Deepinder Goyal</a> become a billionaire. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/iqoo-z9-lite-5g-with-90hz-display-5000mah-battery-launched-starting-at-10499/slidelist/111754545.cms">iQOO Z9 Lite 5G with 90Hz display, 5000mAh battery launched starting at ₹10,499</a> <a href="https://www.businessinsider.in/tech/mobile/news/global-smartphone-shipments-grow-6-5-in-q2-2024-xiaomi-records-highest-growth/articleshow/111749023.cms">Global smartphone shipments grow 6.5% in Q2 2024, Xiaomi records highest growth</a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-four-ipos-to-hit-the-street-this-week/articleshow/111745283.cms">IPOs this week – four IPOs to hit the street this week</a>

Zomato and Swiggy increase platform fee by 20% – food deliveries to get costlier

<ul class="summary-list"><li>Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire.</li><li>The company went public on Monday, becoming the largest Malaysian IPO in seven years.</li></ul>Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status.He founded the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-convenience-store-market-in-malaysia-2019-2022-the-industry-is-witnessing-fast-developments-and-presents-huge-potential-for-convenience-store-players-1029242346">convenience store</a> chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-08/malaysia-s-biggest-ipo-in-7-years-to-turn-99-speed-mart-founder-into-billionaire?srnd=homepage-asia">Bloomberg's</a> Billionaires Index.Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult to find work. He turned to entrepreneurship, selling snacks from a stall to support himself."I have to help myself. Nobody would hire me due to my physical limitation," Lee told <a target="_blank" href="https://www.forbes.com/global/2010/0315/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html">Forbes</a> in 2010.He opened his first grocery store in 1987 at the age of 23. Over the next decade, his business grew into a chain of eight stores under the name Pasar Mini 99.Lee's wife, Ng Lee Tieng, joined the company in 1997 as a purchasing executive. Together, they built what would become the largest mini-mart chain in Malaysia, with 2,651 stores nationwide, according to the company's IPO <a target="_blank" href="https://anns.sgp1.cdn.digitaloceanspaces.com/3473571.pdf">prospectus</a>.Until this week's IPO, the couple fully owned the business. Lee will remain its majority shareholder, controlling up to a combined 79.7% stake. He will continue as the company's CEO. Ng will hold a 3.2% stake in the company.The company has a 40% share of the mini-mart market in Malaysia and controls nearly 12% of the overall grocery sector, according to the prospectus.The IPO attracted 14 major investors, including firms like abrdn Asia and UOB Asset Management, Bloomberg reported. The company plans to use over half of its IPO proceeds to add another 250 stores a year until it reaches about 3,000 outlets in three years, set up new distribution centers, and purchase new delivery trucks.The company saw a second-quarter profit of 125.5 ringgit — a 66.3% year-over-year increase, <a target="_blank" href="https://www.reuters.com/business/retail-consumer/99-speed-mart-opens-121-higher-debut-malaysias-biggest-ipo-7-years-2024-09-09/#:~:text=99%20Speed%20Mart%2C%20founded%20by,%2C%202023%2C%20its%20prospectus%20showed.">Reuters</a> reported on Monday. 99 Speed Mart also posted a revenue of over 9,000 million ringgit in 2023, over four times that of its main competitor, 7-Eleven Malaysia, per its IPO prospectus.99 Speed Mart didn't immediately respond to a request for comment from Business Insider.

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

<ul class="summary-list"><li>Delivery apps like Instacart and Walmart Spark often 'batch' orders together.</li><li>But gig workers say it cuts into their income since they get paid less for each order delivered.</li></ul>Last summer, some gig workers who delivered grocery orders for Walmart noticed a change: Instead of just delivering one order, they had to deliver two or three at once."Three grocery orders can also be delivered during each trip by using your front seat, back seat, and trunk space to keep these orders separate," Walmart told workers for its Spark service at the time in an email. The advice is now on the company's <a target="_blank" href="https://drive4spark-walmart.helpdocs.io/l/en/article/pmpzf3r7s7-understanding-offer-types">website for Spark drivers.</a>The practice of bundling orders isn't new. Other apps, including Instacart and DoorDash, have been doing it for years.But four independent contractors who make the deliveries told Business Insider the practice usually leaves them doing more work for less money, further eroding their earning potential on gig-work apps. The workers declined to have their names used, but BI verified their identities.Many <a target="_blank" href="https://www.businessinsider.com/golden-age-gig-work-instacart-doordash-delivery-jobs-over-2023-12">gig workers say that their earnings have fallen</a> over the past year because of lower pay and greater competition among drivers for orders.<h2>Drivers have a choice, companies say</h2>Batches have been part of Instacart's strategy for "several years," a company spokesperson told BI."Batches that include orders from multiple stores make up a very low percentage of batches on our platform," an Instacart spokesperson said. "As with any batch, shoppers are never required to select multi-order or multi-store batches."Batches with multiple orders are "compensated accordingly and reflect the effort it will take to fulfill those batches," the spokesperson added."Batching is a win for drivers and our customers," a Walmart spokesperson said. "Drivers often prefer offers for batched deliveries and receive higher average earnings per trip while spending less time per delivery. Batching is also a way to serve more customers more efficiently and accurately.""We're proud to offer multiple types of deliveries, and drivers can choose which offers to accept based on their preferences," the spokesperson said.A DoorDash spokesperson did not provide comment for this article.<h2>Drivers find angry customers, lower ratings, lost tips</h2>The experience can be frustrating for customers. Customers can track where their driver is using the Walmart app, but they have no clue when their driver has more than one order to deliver, one Spark driver in Alabama told BI."Some customers get angry wondering why it's taking so long," the Alabama driver said. "On their end, they just see a vehicle driving all over the city with their groceries in it." In reality, the driver is following a route created by Walmart to deliver the orders, and someone's order has to be delivered last.Customers give drivers low ratings and pull away tips as a result, the driver told Insider.Walmart also batches together orders of non-perishable goods, such as shampoo and electronics, often combining a dozen or more orders together for one driver to deliver. "They're trying to be like FedEx and UPS, but they'll put 10 orders in one whole trip, and you might get $24 to $30 for that," one Spark driver in North Carolina told BI.The pay can be reasonable if the delivery addresses are close together, the driver said. But if they're more spread out, the deliveries take more time, making it less profitable, he added.On Instacart, shoppers used to shop and deliver one order at a time. But over the last few years, <a target="_blank" href="https://www.businessinsider.com/instacarts-profitability-relies-on-batching-orders-its-shoppers-hate-it-2023-8">Instacart has bundled two or three deliveries together</a>. The bundling, known as a "batch" in Instacart lingo, is one of the ways it improved its profitability ahead of its IPO last September, it said in filings with the SEC.One Instacart shopper in New York City said that they make less per order when they deliver a batch of two or three at once instead of a single delivery.More complicated – and generally less profitable – are batches that involve shopping multiple orders at different stores, then delivering them to different addresses, the shopper said."Two-store orders are even worse because it's like one store in Queens, the other in Brooklyn," the shopper told Business Insider. "They really don't understand the distance."Orders also get bundled together on restaurant delivery apps such as DoorDash and Uber Eats. Earnings aside, those batches often present another challenge for gig workers: Getting food to customers before it gets cold — or hot.One DoorDash customer expressed frustration that they were the third stop for the Dasher delivering their order in <a target="_blank" href="https://www.reddit.com/r/doordash/comments/13kezqx/double_dashing_is_really_annoying_for_customers/">a Reddit post</a> last year."He picked my food up from the restaurant that is 7 minutes away, but he has two other stops in the opposite directions before he gets to me," the poster wrote of the delivery worker. "And I ordered ice cream too.""If your food is unacceptable when you receive it, (especially the ice cream), you should complain to DoorDash that your food is ruined because your Dasher was on a triple stacked order," one commenter wrote.Do you work for Instacart, Spark, or another delivery service and have a story idea to share? Reach out to this reporter at abitter@insider.com

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