Food delivery platform Swiggy has shut down its cloud kitchen brand ‘The Bowl Company’ in the Delhi-NCR market after a pilot run period.
A company spokesperson confirmed, “The expansion of The Bowl Company in Delhi/NCR was an experiment we ran to bring new food experiences to the users. This experiment has brought its fair share of learnings, even though we focused on operational excellence.” Business Today.
The company further said that it will continue to invest and grow the brand in cities such as Bangalore, Chennai and Hyderabad.
The Bowl Company was first launched in Bengaluru in early 2017. It offers food in a bowl and currently operates over 20 outlets in the city.
Swiggy’s Netherlands-based investor Prosus said the food delivery firm’s core restaurant delivery business is set to grow its gross merchandise value (GMV) by 40 per cent in 2022, while its instant commerce GMV grew 15x during the first six months of the year. Of. , Pross said its stake in the foodtech giant rose 118 per cent to $150 million.
Swiggy’s last venture capital round was in January this year, when it raised a $700 million round led by US-based investment management company, Invesco, with participation from Prosus.
Swiggy’s primary rival in India, Zomato reported that its consolidated revenue for the second quarter grew 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the same quarter last year. Zomato reported a consolidated net loss of Rs 250.80 crore for the September quarter, higher than the June quarter’s loss of Rs 186 crore, but lower than a year-ago loss of Rs 434.90 crore. Consolidated revenue for the quarter grew by 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter of the previous year.
Earlier this month, Zomato said it would lay off 3 per cent of its workforce.
Read also: Swiggy’s food delivery GMV to grow by 40% in 2022: Pross
Read also: Amazon is shutting down its food service in India after firing around 10,000 employees.