Business

Foodtech Giant Swiggy Pulls The Plug On Premium Grocery Delivery Pilot Program ‘Handpicked’

Prosus-backed Swiggy, the online food ordering and delivery platform has pulled the plug on Handpicked, its premium grocery delivery pilot program. The food-tech major’s spokesperson confirmed the development and revealed that the stunt has not impacted any jobs so far.

While speaking about the development, the spokesperson said, “At Swiggy we’re continuously experimenting with new propositions in line with our vision to enable unparalleled convenience to consumers. Handpicked was being piloted in a few zones in Bengaluru and we have had several positive learnings from it.”

Prior to shutting down Handpicked, Swiggy offered a variety of high-end, gourmet, imported, and challenging-to-find grocery items. The premium grocery delivery program was being piloted in a few zones in Bengaluru. This development came post-Swiggy’s announcement of charging a platform fee of Rs 2 on every order, irrespective if the cart value.

These additional charges are introduced in Bangalore and Hyderabad as the company aims to control its costs. As per the food tech giant, the charging fee aids them in operating and improving their platform in addition to enhancing app features to provide a seamless app experience. Hence, the company will also roll this out in major cities like Delhi and Mumbai.

Meanwhile, Swiggy has also been working to reduce expenses, get rid of non-profitable company divisions, and pursue profitability. According to reports, the corporation is making preparations to list on the public market soon.

In January, the business closed its meat markets division and fired 380 workers as part of a company-wide restructuring effort. After receiving roughly $700 million from the US-based investment company Invesco, Swiggy became a “decacorn” last year. A recent filing, however, showed that Invesco had reduced Swiggy’s valuation from $10.7 billion to $8 billion. On the other hand, in the food-tech space, Pluckk, a digital fresh food brand in the fruits and vegetables (F&V) space, has paid $1.3 million to acquire KOOK, an Indian food-tech firm that provides customers with a variety of DIY Meal Kits.

Also Read: 03 May 2023: No Change Seen In Petrol And Diesel Prices, Check Rates Of Metro Cities

 

 

Malika Sahni

Recent Posts

JP Nadda Slams Rahul Gandhi’s ‘Match-Fixing’ Claims As ‘Desperation Of Losing’ Polls

Rahul Gandhi's opinion piece appeared in a national daily and sparked political uproar. Opposition parties…

2 hours ago

Poverty In India Reduced Via Tangible Boost In Household Living Standards, Incomes

In 2022–23, poverty under the revised $3.00 line stood at just 5.25 per cent in…

3 hours ago

Chhattisgarh: Seven Maoists Killed In Indravati National Park Operation

Five Maoists were killed in two separate encounters with security forces in Chhattisgarh’s Bijapur district,…

3 hours ago

Carney Invites Modi To G7 Summit, Highlights India’s Global Supply Chain Role

Canadian Prime Minister Mark Carney said the most populous country, with the fifth-largest economy, must…

4 hours ago

RBI Frontloads Rate Cuts To Boost Growth Amid Low Inflation: Crisil

The Reserve Bank of India (RBI) has frontloaded its rate cuts to support economic growth,…

4 hours ago

PM Modi Urges Global Action On Coastal Resilience At Nice Summit

PM Narendra Modi on Saturday called for urgent global action to build infrastructure that can…

4 hours ago