Swiggy shuts The Bowl Company in Delhi
After a period of pilot operation, food delivery service Swiggy has discontinued its cloud kitchen brand, “The Bowl Company,” in the Delhi-NCR market.
“We experimented with The Bowl Company’s expansion in Delhi/NCR to offer customers new culinary experiences. Even as we concentrate on operational excellence for the brand, this experiment has yielded its fair share of lessons, a company spokesperson told Business Today.
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The business added that it would keep making investments and expanding its brand in places like Bangalore, Chennai, and Hyderabad.
Early in 2017, The Bowl Company made its debut in Bengaluru. It has more than 20 locations in the city and serves food in bowls.
The Bowl Company
The news comes just days after Swiggy‘s investor Prosus, based in the Netherlands, stated that the company’s core restaurant delivery business will grow its Gross Merchandise Value (GMV) by 40% in 2022, while its quick commerce GMV will increase 15x over the course of the first half of the year. According to Prosus, its stake in the world leader in foodtech increased by 118% to $150 million.
In January of this year, Swiggy secured a $700 million round of venture capital led by the American investment management firm Invesco with participation from Prosus.
Zomato, Swiggy’s main competition in India, revealed that its combined sales for the second quarter increased 62.20% to Rs 1,661.30 crore from Rs 1,024.20 crore in the same quarter previous year. Zomato reported a total net loss of Rs 250.80 crore for the third quarter, up from Rs 186 crore for the second quarter but down from Rs 434.90 crore for the same period last year. Consolidated revenue increased 62.20 percent to Rs 1,661.30 crore for the quarter, up from Rs 1,024.20 crore in the same period last year.
Zomato said earlier this month that it would be letting go of 3% of its personnel.
The post Swiggy shuts cloud kitchen brand The Bowl Company in Delhi after pilot run appeared first on IndiaFrontline.
