Food Delivery Platforms Experience Record Surge on New Year’s Eve, Anticipate Thriving 2024

As the curtains drew to a close on 2023, food delivery platforms witnessed an extraordinary phenomenon – an unprecedented surge in consumer demand. Market leaders Swiggy and Zepto, in an exclusive conversation with CNBC-TV18, shared their thoughts on the remarkable performance of their companies throughout the year and expressed boundless optimism for the action-packed first half of 2024. Let’s delve into the insights provided by these industry titans and explore the captivating landscape of the food delivery industry.

Setting New Records and Exceeding Expectations

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Embarking upon an exhilarating journey into the new year, food delivery platforms have shattered previous records and witnessed an astronomical rise in orders. The CEOs of Swiggy and Zepto were effusive in their praise for their respective companies’ outstanding accomplishments in 2023. Mr. Rohit Kapoor, CEO of Swiggy, reminisced about New Year’s eve and shared his awe at the sheer magnitude of the numbers. “On that fateful evening, as the clock struck, we experienced an astonishing surge in order volume. A staggering 1,244 orders per minute for the delectable biryani surpassed all previous records across food and InstaMart. It was truly an awe-inspiring milestone for us,” he revealed.

In a similar vein, Mr. Aadit Palicha, CEO of Zepto, radiated excitement as he unraveled the company’s extraordinary success on New Year’s Eve. “It was a truly spectacular day for us. We achieved our highest-ever volume sale, amassing a remarkable figure of over Rs 20 crores within 24 hours. To go from zero to reaching an annual run rate in the thousands of crores as a company is simply remarkable,” he exclaimed.

 

Swiggy: The Food Delivery Giant

A Superlative Year and an Ambitious Future

Both CEOs acknowledged the mixed trends usually associated with festive seasons. However, they were jubilant about the exceptional performance of their companies in 2023. “Overall, 2023 turned out to be an immensely successful year for Swiggy. While we did encounter a temporary dip in demand for a couple of months, we witnessed consistently strong traction throughout most of the year. Thus, we are optimistic that this upward trend will persist in 2024,” asserted Kapoor. He also highlighted the upcoming thrills awaiting the company in the first half of the year, including the start of the Indian Premier League in March and the general elections in May. The first half of 2024 promises to be an action-packed period, brimming with exciting opportunities.

Palicha, too, expressed his elation at Zepto’s achievements and the incredible momentum they have been building. “Breaking records has become somewhat of a tradition for us recently. Whether it was the World Cup final, Diwali, Christmas, or New Year’s Eve, we consistently surpassed our own expectations. It’s a thrilling time to be a part of Zepto,” he shared with palpable enthusiasm.

From Imagination to Reality: Zepto’s Remarkable Journey

The rise of Zepto, with its meteoric trajectory, has captivated the industry. In just 29 months since its inception in July 2021, the company has achieved phenomenal growth. Palicha beamed with pride as he explained, “We transitioned from starting with zero sales and zero orders per day to now reaching an annual run rate in the thousands of crores. This journey has been nothing short of extraordinary.” He further added that Zepto is swiftly moving towards profitability and expects to become EBITDA positive and generate a positive operating cash flow within the next two to three quarters. Such swift transformation positions Zepto as one of the fastest venture-backed consumer internet companies to start generating cash flow. Palicha’s vision for the future is ambitious but grounded in reality, “We have a monumental opportunity ahead of us to build an iconic company that delivers exceptional return on equity to our shareholders over the next five years.”

 

Great Interview with Sriharsha Majety Founder at Swiggy

 

The food delivery industry experienced a historic surge on New Year’s Eve, setting new records, and projecting a promising future for 2024. Swiggy and Zepto, with their commendable achievements, have emerged as frontrunners, driving innovation and setting new benchmarks. The rise of Zepto, particularly, stands as an inspiration for new startups, showcasing the immense possibilities within this burgeoning landscape. The anticipation for an action-packed first half of 2024 is palpable, keenly awaited by industry observers. As consumer demand continues to evolve, food delivery platforms must stay at the forefront of industry trends and strive for unparalleled excellence in delivering delectable delights to every doorstep.

 

Source:cnbctv18.com

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