Do people really need food in ten minutes? Indian consumers have addressed this scepticism with their wallet, voting in favour of quick service, says Rohit Kapoor, CEO of Food Marketplace at Swiggy.

Swiggy’s latest offering Bolt, a 10-minute food delivery service, already accounts for 5% of its total food delivery orders, within just two months of its launch. The service has been scaled to 400 cities and it now offers more than 10 lakh menu items, usually those that require no or minimal preparation time.

With strong consumer traction, the service has piqued investor and analyst interest with respect to economic sustainability.

Kapoor believes Bolt has the potential to reshape food delivery.

Bolt has been one of Swiggy’s fastest executions in terms of concept and scale and will account for 10% of all food delivery orders in the near term, says Kapoor in an exclusive interview with YourStory.

Swiggy’s core business of food delivery reported its first profitable quarter, with a 22% rise in operating revenue—fuelled by newer offerings like Bolt, Eatlists (a feature that helps users discover and share food recommendations) and PocketHero (offers cashback and discounts on food orders from select restaurants).

In the second quarter of FY25, Swiggy’s food delivery segment clocked a net profit of Rs 121 crore against a loss of Rs 43 crore in the same period last year, aided by improvements in contribution margins on the back of higher monetisation in advertising and reduced delivery costs, while maintaining delivery partner earnings.

The company has managed to rein in its marketing, indirect and absolute costs by tapping into the efficiencies of a unified app comprising food delivery, quick commerce and dine-out. Swiggy has also been increasingly focusing on going deep in existing cities and spreading its operations in the peripheries of big cities like Bengaluru.

Kapoor sheds light on the operations behind Bolt, how Swiggy is looking at the 10-minute food delivery space, and overall competition.

Edited excerpts from the interview:

YourStory [YS] : How do you see Bolt showing up in your P&L in any way?

Rohit Kapoor (RK): We don’t see a problem from a P&L standpoint in running Bolt right now. It has been one of our fastest executions in terms of concept and scale. We see it touching 10% of all food delivery orders at some point in the near term.

YS: What kind of different value propositions do you see with Swiggy Bolt, Swiggy Cafe (a curated service that offers snacks and drinks under Swiggy’s label and some other brands), and Insta Cafe (a 10-minute food delivery service on Instamart).

RK: I think Bolt is a speed proposition on the entire food delivery spectrum, with its core offering being 10-minute food delivery. There was a lot of scepticism about why food is needed in 10 minutes, but Indian consumers have voted with their wallet to show that they want things faster. 

On the other hand, a cafe is very distinctive with curated offerings for consumers who do not want to go into 10 options. It is sort of a derivative of the marketplace model itself, where brands are coming up and serving customers in different setups. For instance, we have partnered with brands like Blue Tokai and Whole Truth.

Swiggy Cafe is currently available on the food delivery page, but we can add this as a storefront on the Instamart page as well. There is no separate infrastructure being built for Insta Cafe in any way. 

We believe in the quick delivery food phenomenon, and we want our tentacles on every model out there. Since it’s early days and there is no clarity on which model will work, we want to be present in every model.

YS: Are you thinking of amalgamating the fleet of grocery delivery service Instamart and Bolt?

RK: Instamart is at a scale where it requires its own fleet by itself. There is no real advantage in trying to cross-utilise Instamart’s fleet with food, as Instamart anyway gets a large number of orders. The fleet is being utilised well.

YS: What is the innovation behind Bolt’s operations?

Due to heavy competition in the space, I won’t be able to share the economics of Bolt but there is a lot of product development that has happened on the delivery side. It is a complex execution because you have to be really precise on the distance from restaurants, timing, and the kind of menu to include and not include. If you include too less, then there is an assortment problem, while too many options can affect speed as it can increase the preparation time .

We are working with restaurant partners to curate a menu that is aligned to faster prep and fast delivery and iron out inefficiencies. The simple principle is: you are serving a high-density supplier to a high-density consumer location largely. 

YS: How do you look at the rise in subscription pricing of Swiggy One, a premium membership programme?

RK: It is definitely guided a little bit by the competitive mechanism out there and what the consumers are looking for. In our mind, Swiggy One squares up more with Zomato Gold; Zepto Pass is not even in the frame of our reference right now. 

Despite increasing Swiggy One’s subscription pricing, and offering free delivery at a larger scale, there is no dent in the overall profitability of the category. There are a 100 line items which go into the profitability of the company and not just one.

In a telling shift that captures India’s economic metamorphosis, Zomato—the food delivery platform that has become a fixture of urban Indian life—is poised to replace JSW Steel in the Sensex, with whispers of a Nifty 50 inclusion following close behind.

This changing of the guard signals more than a routine index rebalancing—it heralds a fundamental shift in what constitutes corporate power in modern India, and highlights how digital platforms are displacing the industrial stalwarts that once embodied Indian enterprise.

“I think more tech-enabled [companies] are going to be in the top 50,” observed Deepak Shenoy, Founder and CEO of Capitalmind, in conversation with YourStory’s Founder and CEO Shradha Sharma. Yet unlike Silicon Valley’s architects of innovation, India’s digital revolutionaries are charting a different course.

“Zomato is a tech-enabled business,” Shenoy elaborated. “Its business is food delivery and quick commerce. It is not really a tech company from the face of it because a tech company in general would be producing a product that is primarily technical, like Nvidia or Microsoft. What you sell is not tech, what you use is technology to sell the goods. It is a good thing and more and more such companies will come in.”

This nuance is crucial. Even Reliance, the embodiment of old-economy might, now channels its ambitions through the digital arteries of Jio Platforms. The revolution, it seems, isn’t about creating new technology but about reimagining how India does business.

The public markets are witnessing this shift in real-time. Swiggy leads 2024’s global tech IPO calendar, joining other digital enterprises like Ola Electric and FirstCry in their public market debuts. In the same space, Zepto, another quick-commerce player, recently secured $350 million from domestic investors, led by Motilal Oswal.

“You are competing with companies in the public space that make aluminium and steel, they are very boring,” Shenoy noted. “At least the likes of Zepto, Zomato and Swiggy come up with something more interesting to invest in. You can experience their story in real-time. How do we know who makes the best aluminium? Here you can see improvements tangibly, by providing better packaging material, better service, faster delivery etc.”

Yet beneath this digital transformation lurk questions of sustainability. “I think competition is going to increase dramatically whether it is Reliance, Dmart or Aditya Birla,” Shenoy cautioned. “As an investor, the story still has to evolve. You need to see these companies start giving meaningful profits at some point.”

The narrative grows more complex in quick commerce, where India’s foreign investment regulations—which have already entangled Walmart-owned Flipkart and Amazon in regulatory scrutiny—restrict inventory control. Shenoy points out that Zomato’s foreign ownership structure has, thus far, kept inventory costs conveniently absent from its balance sheet.

“You over-order something and you under-order something else, you will have inventory holding costs. This is not visible on Zomato’s balance sheet because they don’t officially own any of these entities.”

A closer examination reveals that Zomato’s profitability draws heavily from investment income—its substantial cash reserves, exceeding Rs 10,000 crore before its Rs 2,048 crore acquisition of Paytm’s events business Insider, have been deployed in fixed-income instruments. This financial engineering, while legitimate, raises questions about the underlying business model’s strength.

From its Bengaluru headquarters, Capitalmind, managing over Rs 1,300 crore through algorithm-driven strategies under SEBI’s oversight, continues to analyse this shifting landscape. As India’s corporate hierarchy undergoes this historic realignment, the question remains: Will this tech-enabled transformation deliver the sustained value creation that marked its industrial predecessors?

The Indian stationery market is a vibrant landscape, particularly when it comes to the pencil segment, which boasts a notable valuation of ₹4000 crore. For a long time, well-established brands like Nataraj, Camlin and Apsara held the crown. But then came DOMS, a fresh brand with a secret winning strategy.

In today’s article, let’s explore the captivating journey of DOMS and uncover the unique factors that have pushed it to the forefront of the market, setting it apart from the competition.

How DOMS disrupted the stationery market in India

Recent data reveals that DOMS achieved an impressive consolidated revenue of Rs 1,547.27 crore for the 2023-2024 period. But what’s the secret behind this remarkable rise? Let’s dive into the key factors that have made DOMS establish itself as a leading brand.

5 sharp success factors

1. Killer product innovation

Founded in 1975, DOMS’ success is rooted in its commitment to quality. Unlike many competitors that used graphite and clay to make their pencils, DOMS incorporated polymer into their lead mixture. This innovation resulted in pencils with stronger and darker ink, leading to satisfied customers.

By understanding the needs of its core audience—students—DOMS effectively captured customer preference. Additionally, the triangular shape of their pencils provides a sturdy grip. Today, DOMS’ pencils and other stationery products are recognised for their superior construction and smooth writing experience.

2. Solid supply chain game

Not many of us may know that most DOMS products are built from scratch. Whether it’s wood, paint, or lead, the company handles in-house production. By doing this, DOMS is cost-effective and saves money, protecting itself from price fluctuations in the commodity market.

3. Smart branding and marketing

When a child brings cool stationery to school, it quickly becomes the talk of the class. This is exactly how DOMS established an endless word-of-mouth marketing chain. With its smooth writing and sleek triangular design, every child wanted to use their pencils.

In addition, all DOMS products possess a distinct appeal. The subtle sweet aroma from their erasers and the colourful packaging of their stationery helped the company build a premium-looking brand that kids find irresistible.

4. Becoming a distribution powerhouse

A key factor contributing to DOMS’s success is its strong distribution network. The brand made its products widely available across the nation, reaching a diverse customer base. Currently, DOMS has over 120 stockists and more than 4,000 distributors.

This extensive reach provides DOMS with a competitive advantage over brands that find it challenging to enter various markets. Moreover, the company has a global presence, serving more than 45 countries.

5. Selling more than just pencils

Although DOMS positioned itself as a premium brand, the company realised that selling only one product would not be sufficient. To address this, they opted to offer packages or kits that included various complementary stationery items at affordable prices. This strategy attracted parents and schools who were seeking durable, high-quality stationery without breaking the bank.

The takeaway

DOMS has made an impressive leap in the ₹4000 crore Indian pencil market, showcasing the impact of innovation in capturing consumer attention. By placing customer needs at the forefront and establishing a robust distribution network, DOMS has successfully shaken up an industry that was long ruled by traditional players. Their journey serves as a masterclass for entrepreneurs and marketers alike, highlighting the significance of clever brand positioning, the ability to adapt, and the crucial role of understanding consumer behaviour. If you’re looking for inspiration on how to carve out a niche in a competitive landscape, DOMS’ success story is a shining example!