Swiggy Shuts Down Its Premium Grocery Delivery Service 'Handpicked', Says No Employees Affected
Swiggy claims that by enforcing the fees, they are able to run their business, enhance their platform, and give a seamless app experience to its customers.
Mumbai, May 02: The Prosus-backed foodtech giant Swiggy has ended its premium grocery delivery pilot programme, Handpicked, which was operating in a few Bengaluru neighbourhoods. The relocation has not yet had an impact on any jobs, according to Swiggy, which also verified the development.
A spokesman for Swiggy stated that the company is constantly experimenting with new ideas in order to realise its aim of providing clients with unmatched convenience. We learned many useful lessons from Handpicked, which was being trialed in a select areas in Bengaluru. Swiggy Appoints Padma Shri Awardee Mallika Srinivasan, Shailesh Haribhakti and Sahil Barua as Independent Directors.
According to a report, the company has begun adding a Rs 2 platform fee to food deliveries in places like Bengaluru, Hyderabad, and Chennai. Only food orders are subject to this fee; orders placed through Instamart, Swiggy's rapid commerce platform, are not.
Swiggy claims that by enforcing the fees, they are able to run their business, enhance their platform, and give a seamless app experience to its customers.
The industry leader in meal delivery has been working to reduce expenses, get rid of company segments that aren't profitable, and pursue growth. According to reports, the corporation is taking these actions in preparation for a forthcoming stock market debut.
As part of a business-wide restructuring effort, the corporation shut down its meat marketplace division in January and fired 380 people. Following a $700 million investment from the US-based investment company Invesco, Swiggy attained ‘decacorn’ status last year. But according to a recent filing, Invesco reduced Swiggy's valuation from $10.7 billion to $8 billion. Swiggy: More Layoffs Coming As Online Food Delivery App's Losses Doubled to Rs 3,629 Crore in Financial Year 2022-23.
Privately held businesses called Decacorns have a valuation of at least $10 billion.
(The above story first appeared on LatestLY on May 02, 2023 01:12 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).