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Swiggy shuts cloud kitchen brand The Bowl Company in Delhi-NCR after pilot run

Swiggy shuts cloud kitchen brand The Bowl Company in Delhi-NCR after pilot run

The company further said it will continue to invest and grow the brand in cities like Bangalore, Chennai, and Hyderabad.

Swiggy shuts cloud kitchen brand The Bowl Company in Delhi-NCR after pilot run Swiggy shuts cloud kitchen brand The Bowl Company in Delhi-NCR after pilot run

Food delivery platform Swiggy has shut down its cloud kitchen brand ‘The Bowl Company’ in the Delhi-NCR market after a period of pilot run.

"The expansion of The Bowl Company in Delhi/ NCR was an experiment we ran to bring new food experiences to users. This experiment has led to its due learnings, even as we focus on operational excellence for the brand,” a company spokesperson confirmed to Business Today.

The company further said it will continue to invest and grow the brand in cities like 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.

The development comes days after Swiggy’s Netherlands-based investor Prosus said the food delivery firm’s core restaurant delivery business grew its Gross Merchandise Value (GMV) by 40 per cent in 2022, while its quick commerce GMV increased 15x during the first six months of the year. Prosus said its share in the foodtech giant grew 118 per cent to reach $150 million.

Swiggy’s last venture capital round was in January this year when it secured a $700 million round led by American investment management company, Invesco with participation from Prosus.

Swiggy’s primary rival in India, Zomato, reported that its consolidated revenue for the second quarter surged 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter last year. Zomato reported a consolidated net loss of Rs 250.80 crore for the September quarter, which was higher than June quarter’s Rs 186 crore loss but less than the year-ago’s Rs 434.90 crore loss. Consolidated revenue for the quarter surged 62.20 per cent to Rs 1,661.30 crore from Rs 1,024.20 crore in the corresponding quarter last year.

Earlier this month, Zomato said it will lay off 3 per cent of its workforce.
 

Also read: Swiggy’s food delivery GMV jumps by 40% in 2022: Prosus

Also read: After firing around 10,000 employees, Amazon is shutting its food service in India

Published on: Nov 30, 2022, 3:18 PM IST
Posted by: Tarab Zaidi, Nov 30, 2022, 2:54 PM IST