Food delivery platform Swiggy, run by Bundl Technologies Pvt. Ltd, has drawn the curtains on its cloud kitchen, The Bowl Company’s operations in Delhi NCR, shortly after launching it as an experiment in the area.
The Bowl Company operates in other cities including Chennai, Hyderabad, and Bangaluru, where it was first launched in 2017.
“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. We will continue to invest and grow The Bowl Company in cities like Bengaluru, Chennai, and Hyderabad where the brand is well-loved and growing,” Swiggy said in a statement.
The platform, in July, launched new private labels, Soul Rasa and Stuffed in Chennai and Bengaluru. It runs other private labels including Homely, Breakfast Express, and Goodness Kitchen on its food delivery platform.
In the first six months of FY23, Swiggy's food delivery business orders reported a growth of 38%, while in terms of its total sale or gross merchandise value (GMV), it saw a growth of 40%, according to a report by Prosus, one of company's biggest investor.
Prosus invested twice in Swiggy, when it invested $274 million in April 2021 and $25 million in February 2022.
In May, VCCircle reported that SoftBank-backed Swiggy had agreed to acquire Times Internet-owned table booking platform Dineout in a deal valued at about $150 million.
In its earnings report for the year ended March 31, 2022, Prosus said Swiggy's business has recovered fully from the effects of the Covid pandemic, as it has focused on reactivating users, increasing monthly frequency and returning user conversion to levels they were at prior to the pandemic.
