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Online delivery platform <keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> has sold its Cloud Kitchen business to Kitchens@, a leading player in the rapidly growing cloud kitchen industry, for an undisclosed sum, as the growth rate for food delivery slows down. The online food aggregator will become a stakeholder in Kitchens@ through the all-equity transaction of Swiggy's <keyword id="60938" type="General" weightage="80" keywordseo="access" source="Orion">Access</keyword>. Swiggy pioneered the Cloud Kitchen model with the launch of <keyword id="5980102" type="General" weightage="50" keywordseo="swiggy-access" source="Orion">Swiggy Access</keyword> in 2017. The Swiggy Access programme allows restaurant partners to establish kitchen spaces in neighbourhoods where they do not currently operate, with the goal of offering more variety and shortening delivery times for consumers. "The addition of Swiggy's Access kitchens will bolster the reach and operations of Kitchens@'s in four cities across 52 locations and more than 700 kitchens, providing customers with more convenient and efficient food delivery options," <keyword id="16683930" type="General" weightage="50" keywordseo="junaiz-kizhakkayil" source="Orion">Junaiz Kizhakkayil</keyword>, CEO of Kitchens@ said. By leveraging Swiggy's analysis of local demand and selection of high-performing partners, Kitchens@ said it can diversify food options and meet customers' needs in specific areas. "Swiggy Access was started with the aim to bridge hyperlocal gaps in restaurant supply and solve for variety, quality, and convenience of food. Since its inception, Access has enabled several restaurant partners to innovate and expand their reach to new customers in a cost-effective manner," said <keyword id="717554" type="General" weightage="50" keywordseo="rahul-bothra" source="Orion">Rahul Bothra</keyword>, CFO of Swiggy. The current transaction enables a combined annual GMV of $65 million (Rs 520 crore) for Kitchens@. The company aims to reach $100 million in revenue within the next 6 months and has already secured Letters of Intent with over 40 national and international brands to partner with it using a Master Franchise Model. To cut costs, Swiggy in January said it was laying off 380 employees. "The growth rate for food delivery has slowed down versus our projections (along with many peer companies globally). This meant that we needed to revisit our overall indirect costs to hit our profitability goals," Sriharsha Majety, Co-founder and CEO, said in an email to employees. The company also said that it will be shutting down its meat marketplace very soon as the company was not able to achieve product-market fit despite their iterations. The online food delivery platform's losses doubled to Rs 3,629 crore in FY22 compared to Rs 1,617 crore in the last fiscal year. Total expenses went up 131 per cent to Rs 9,574.5 crore in FY22, according to its annual financial statement with the Registrar of Companies (RoC). SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/indian-banks-decade-best-metrics-and-subdued-valuations-make-them-a-compelling-buy-bernstein/articleshow/98359442.cms">Indian banks’ decade-best metrics and subdued valuations make them a compelling buy: Bernstein</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/news/what-the-super-rich-are-buying-marilyn-monroe-painting-ming-era-chair-in-the-list/slidelist/98360028.cms">What the super rich are buying: Marilyn Monroe painting, Ming-era chair &amp; more</a>

Swiggy sells Cloud Kitchen biz to Kitchens@ as food delivery growth slows down

<ul><li><keyword id="6357149" type="General" weightage="20" keywordseo="hdfc-bank" source="Orion">HDFC Bank</keyword> and Swiggy have announced the launch of a co-branded credit card.</li><li>The credit card will offer a 10% cashback on Swiggy and a 5% cashback on popular e-commerce platforms.</li><li>The card will be available to eligible customers in the next 7-10 days.</li></ul>HDFC Bank, India’s biggest bank has partnered with food and grocery delivery platform Swiggy to launch a co-branded credit card, the first such offering from Swiggy. The HDFC Swiggy co-branded credit card comes with several offers for customers and will be rolled out on the Swiggy app over the next few days, allowing eligible customers to apply for the credit card. The credit card will be hosted on the Mastercard payments network. “We recognise that modern-day consumers actively seek rewards, offers, and cashback programs that add value to their spending. Keeping this in mind, we have launched this all-encompassing card in partnership with HDFC Bank and Mastercard that makes everyday shopping moments across a range of categories more rewarding and convenient,” said Rahul Bothra, chief financial officer, Swiggy. <cmsannotation type="cmsannotation" annotationid="HDFC Bank Swiggy credit card benefits" comment="subhead" text="HDFC Bank Swiggy credit card benefits">HDFC Bank Swiggy credit card benefits</cmsannotation> The main highlight of the co-branded credit card from Swiggy and HDFC Bank is that it will offer a 10% cashback on spends on food, groceries and dining out on Swiggy. This means that you can avail a 10% cashback every time you order food, get groceries or use Dineout to eat at your favourite restaurant. In addition to this, the card also offers a cashback of 5% on platforms such as Amazon, Flipkart, Myntra, Ola, Uber, Zara, BookMyShow and more. Apart from this, users will get a flat 1% cashback on all other spends. It is to be noted that the cashback will be deposited in the form of Swiggy Money in the customer’s Swiggy account and will be usable only on its platform. As part of an introductory offer, users who get the co-branded credit card will get a complimentary 3-month membership of Swiggy One, the company’s premium membership. <cmsannotation type="cmsannotation" annotationid="Other HDFC Bank cards that offer cash back" comment="subhead" text="Other HDFC Bank cards that offer cash back">Other HDFC Bank cards that offer cash back</cmsannotation> This is not the first time that HDFC Bank has partnered with another platform to offer a co-branded credit card. The company already offers co-branded credit cards with companies like Tata Neu, IRCTC, Indigo and more. As part of this, the credit card offers a high cashback on spends on their respective platform and a nominal cashback on other platforms. <cmsannotation type="cmsannotation" annotationid="Zomato discontinues its credit card" comment="subhead" text="Zomato discontinues its credit card">Zomato discontinues its credit card</cmsannotation> Zomato had earlier partnered with RBL Bank to offer a co-branded credit card, which included access to its premium membership. However, the card has now been discontinued and users who had the card have been given the option to shift to another credit card from RBL Bank. SEE ALSO: <a href="https://www.businessinsider.in/business/news/here-are-the-top-10-companies-in-india-as-per-market-valuation/slidelist/102129586.cms">RIL to HDFC Bank to ITC – Here are the 10 most valuable Indian companies</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-3203-cr-in-q1-2023-24-on-improved-jlr-performance/articleshow/102108825.cms">Tata Motors posts net profit of ₹3,203 cr in Q1 on improved JLR performance</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-5-z-flip-5-galaxy-watch-series-6-and-more-set-to-launch-july-end/articleshow/101538049.cms">Samsung Galaxy Z Fold 5, Z Flip 5, Galaxy Watch Series 6 and more set to launch today</a>

HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more

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Swiggy sells Cloud Kitchen biz to Kitchens@ as food delivery growth slows down

IANS

HDFC Bank and Swiggy launch co-branded credit card – cashback, offers and more

Sourabh Jain

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