IPO-bound food and quick commerce major Swiggy has integrated its premium grocery vertical InsanelyGood with its quick commerce vertical Instamart, it informed users via a notification.
The notification read that the company is pausing InsanelyGood for some time and it will be available at an Instamart store near you super soon.
In march 2023, Swiggy rebranded its service called SuperDaily to InsanelyGood continuing the service in Bengaluru.
The service offers next-day delivery for free without the SuperDaily subscription model.
Previously having its own app, InsanelyGood was combined with the main Swiggy app in July of last year. It appeared on the home page as a distinct tile, much as services like Instamart, Dineout, Genie, pick-and-drop, and the aggregated selling platform Minis.
Established in 2014 by Sriharsha Majety, Nandan Reddy, Phani Kishan Addepalli, and Rahul Jaimini (who departed from the company in 2020), Swiggy initially emerged as a food delivery startup. However, amidst the pandemic, it diversified its offerings by introducing Swiggy Instamart, its quick commerce vertical. Additionally, Swiggy provides services such as Swiggy Genie and Minis store.
Phani Kishan, a co-founder of SuprDaily who was later recognised as a co-founder at Swiggy, took over leadership of Swiggy Instamart last year. The move came after the departure of Karthik Gurumurthy, who played a significant role in establishing Instamart.
Prosus-backed Swiggy is set to file its draft IPO papers in the upcoming months as per the media reports. Recently, the US-based asset management firm Baron Capital Group raised the fair value of its stake in Swiggy.
In FY23, Swiggy experienced a net loss of Rs 4,179.3 crore, marking a 15 per cent increase from Rs 3,628.9 crore in the previous financial year. However, the company witnessed a significant surge in operating revenue, surpassing 40 per cent, reaching Rs 8,264.4 crore compared to Rs 5,704.9 crore in FY22. This growth was attributed to the expansion of its quick commerce vertical during the fiscal year.
