Swiggy, a leading food tech startup preparing for its IPO, has introduced a new incognito mode feature for users, allowing them to place orders privately without needing to manually delete order history. Initially rolled out to 10% of its users, Swiggy plans to make this feature available to all users soon. According to Rohit Kapoor, CEO of Swiggy’s Food Marketplace, this feature addresses the need for privacy in an increasingly social world. The incognito mode can be activated via a toggle in the app, and order tracking will remain available for three hours post-delivery to handle any concerns.
Swiggy has a history of rolling out innovative features, including ‘eatlists,’ ‘explore mode,’ ‘reordering,’ and ‘group ordering.’ Recently, Swiggy reported its fiscal year 2024 results, revealing a 44% reduction in losses to Rs 2,350 crore and a revenue of Rs 5,476 crore between April and December 2023. The company’s operating revenue increased by 36% to Rs 11,247 crore in the last fiscal year. Swiggy’s business grew by 17% to Rs 6,100 crore, while its quick commerce arm, Instamart, reported Rs 1,100 crore in gross revenue for FY24.
In May 2024, Swiggy filed for an IPO through a confidential route, aiming to raise up to Rs 3,750 crore (approximately $450 million) through a fresh issue of equity shares and an offer for sale of up to Rs 6,664 crore. As part of its fiscal strategy, Swiggy spent Rs 1,581 crore on marketing during the year and addressed an embezzlement issue involving a junior employee who misappropriated Rs 33 crore.