As India’s food delivery boom shows signs of slowing, Swiggy is doubling down on its 10-minute delivery service, Bolt, to reignite growth and reduce mounting losses. In its January–March earnings report, Swiggy posted a 45% year-on-year revenue increase to ₹4,410 crore, but its net loss also surged to ₹1,081 crore, underlining the urgency for a strategic pivot.

Swiggy’s core food delivery segment is showing signs of saturation, with adjusted revenue inching up just 0.3% sequentially to ₹1,867 crore, despite 19% annual growth. CEO Sriharsha Majety, in a letter to shareholders, acknowledged the maturity of the sector, stressing that innovation—particularly new customer segments and expanded meal options—will drive future growth.

Central to this plan is Bolt, now active in over 500 cities. The quick-delivery service already contributes over 12% of total food orders. Majety highlighted its impact, noting that new users from Bolt exhibit 4–6% higher monthly retention than the platform average. This has positioned Bolt as a crucial lever for expanding user engagement and market share.

Swiggy’s aggressive stance comes in contrast to rival Zomato, which shut down its own 10-minute offering, Zomato Quick, citing unviable infrastructure and unpredictable demand. Zomato CEO Deepinder Goyal said the service lacked a clear path to profitability without compromising customer satisfaction.

Swiggy remains upbeat. Executives emphasized Bolt’s scalable model, which combines express-ready orders, optional fast deliveries, and new use-cases. “Faster deliveries boost conversion rates,” the company noted, signaling confidence in Bolt’s long-term potential.