Swiggy share price surges 5% as Bolt’s expansion strengthens fast-delivery position; analysts bullish

Food delivery service company Swiggy saw its stock surge over 4% on Monday, propelled by growing confidence from investors over the company's 10-minute food delivery service, Bolt.

The company had recently announced that it is scaling up Bolt to more than 500 Indian cities and intends to see continued push in this segment.

Swiggy shares climbed 5.42% to ₹322.50 on the NSE as of 12:22 p.m., adding ₹17.45 to their value.

The rally comes amid a wave of optimism surrounding Bolt, Swiggy’s ultra-fast food delivery offering that now accounts for over 10% of the company’s total food orders.

Introduced in October 2024, Bolt has quickly become an important segment of Swiggy’s growth strategy. The service taps into high-demand dishes from over 45,000 restaurant brands—including big-name QSRs like McDonald’s, KFC, Subway, Faasos, and Burger King—and delivers them within a 2 km radius in under 10 minutes. The Bolt tile, prominently featured on the Swiggy app, caters to a rising appetite for instant gratification among India’s digital-first consumers.

It is important to note that Bolt’s rapid expansion and strong traction comes at a time when Swiggy's rival, Zomato has struggled to sustain similar initiatives. Right after publishing its Q4 financials, Zomato said that it is discontinuing its own 10-minute delivery service, Quick, citing infrastructure challenges and inconsistent customer experiences. Even its replacement service, Zomato Everyday, has since disappeared from the app.

Regarding Swiggy's share price movement, Jigar S. Patel, Senior Equity Manager, Anand Rathi Investment Services, said that the scrip is trading at a level that makes it important to watch.

“Swiggy is currently trading near a crucial support zone of ₹305–₹315, making this an important level to watch. Notably, the Camarilla monthly pivots are showing an inside value relationship, where the April 2025 pivot range lies within the March 2025 range—highlighting a period of consolidation,” he noted.

The brokerage firm has, therefore, decided to maintain a long position above ₹330 on a daily close basis. It maintains an upside target of ₹375 for the scrip.

Bolt’s rise comes at a time when Swiggy is rationalising other verticals. The company recently suspended its hyperlocal delivery service, Swiggy Genie, in major metros including Bengaluru, Delhi, and Mumbai. While Swiggy has not offered a timeline for Genie’s return, the move suggests a renewed focus on core growth engines like food delivery and Instamart.

Beyond Bolt, Swiggy is also piloting Snacc, a standalone app offering curated meals and snacks from centralised kitchens—similar to Zepto Café and Zomato’s experimental offering, Bistro. These new formats aim to improve consistency and control over the customer experience, particularly in the high-frequency snacking and mini-meal segments.