This Week in Food Delivery & Quick Commerce (02/12/23)
Hi all,
After a week off, the newsletter is back again!
Highlights:
Meituan profits up / growth slows
Swiggy grew 17% In H1 FY24
NY court clears min pay
Deliveroo expanding into non-food
Kitchen United pivots to software
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💬 Quote of the Week
“In the Food Delivery segment, Swiggy has gained a marginal market share vs Zomato in 1HCY23; potentially a function of aggressive pricing of their loyalty plan and higher promotions,” noted the report authored by Rishi Jhunjhunwala, Saurabh Thadani, and Vishesh Jain.
The loyalty program named ‘Swiggy One Lite’ is an upgraded version of its existing membership program ‘Swiggy One,’ launched in November, two years ago.
As per the information shared by Swiggy, the new membership program is available at a discounted launch price of Rs 99 for three months, in which members will get 10 free Food and Instamart deliveries. In addition, Swiggy One Lite also offers a 30 percent discount at more than 20,000 restaurants.
According to the broker report, Swiggy has managed a growth of 17% y-o-y in the first half of the calendar year while Zomato trailed with a 13% growth.”
Source: MSN
📊 Infographic/Stats of the Week
Statista expects consumers worldwide to spend a whopping $1.14trn on grocery delivery in 2027, or 80% more than this year. The meal ordering segment will see a 30% growth in this period, causing the total spending to jump to $510bn by 2027.
Source: AltIndex
🚚 Deliveries
NL Supreme Court sides with Deliveroo couriers over contract, pension payments
New York judge tosses delivery firms’ effort to overturn $17.96 wage
Deliveroo Sees Expansion Into Non-Food Driving Growth / Deliveroo launches shopping offering with new retail categories
S.Africa's Naspers says profit doubles, e-commerce portfolio nears breakeven
Meituan’s Profit Tripled on Rising Chinese Consumption / Meituan Dives After Warning of Slowdown as Consumption Wanes
Grab shares dodge bullet after Meituan says it’s not keen on foodpanda: DBS
Swiggy's Core Food Delivery Business Grew 17% In H1 FY24: Report
Alipay Plans to Raise Up to $395.0 Million via Zomato Share Sale
🚀 Q-Commerce
Deliveroo launches shopping offering with new retail categories
DoorDash, Instacart get the green light for alcohol deliveries in New Jersey
🍳 Dark Kitchens / Micro Kitchens / Virtual Brands
Omani foodtech KitchenomiKs raises $1.8 million pre-Series A
Kitchen United will sell or close all physical units, pivot to software / Kitchen United shuts down its Kroger food halls
💰 Financing / Exits / Acquisitions
💻 Other
DP Eurasia 'extremely disappointed' by 'unsolicited' acquisition bid
London’s iconic black cabs to appear on Uber app, after years of resistance
Goodfood extends and amends credit facilities, providing a total of $5M
📜 Deeper reads
Swiggy’s cheaper loyalty program a hit, helping company gain market share - report
Funding for European technology companies plunges by nearly half
Is Supreme Court ruling on delivery riders really a ‘conclusion’?
After two more companies change course, what's the future of ghost kitchens?
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