Swiggy remains hopeful about the expansion of quick commerce despite increased rivalry from deep pocket companies, saying it has expanded despite tough competition over the past decade, according to an official on Thursday.

In an interview with PTI, Swiggy's CEO Food, Rohit Kapoor, acknowledged Jio's potential entry into the hyperlocal delivery industry as a competition, but emphasized that developing a successful firm in this sector required more than finance.

Speaking about competitive dynamics, Kapoor stated that, while finance is crucial, it is not the only driver of long-term success, citing examples of well-capitalized firms in India who failed to build a lasting presence.

"Just having a lot of capital has not resulted in great businesses in India", the official said, adding that success is dependent on various other factors.

"Hiring top technological talent requires a strong skill, which traditional companies frequently lack. Beyond skill, a profound understanding of the Indian customer, which we've gained over a decade of experience in kitchens across the country, is critical", Kapoor stated.

Swiggy's experience in the shifting food delivery industry has taught it that agility and quick decision-making are critical to remaining competitive.

"Our focus on speed enables us to launch a new category quickly, whereas others may take months to finalize their plans", the official noted, emphasizing the company's proactive approach in a sector with high consumer expectations and fierce competition.

The official emphasized the sector's evolving nature, stating that ten years ago, the Indian food delivery business was packed with firms such as Foodpanda, TinyOwl, and even global giant Amazon. Many of these companies have now gone, failing to maintain traction, highlighting the sector's problems.

"Our focus remains on understanding consumer needs and rapidly adapting to trends, which we believe provides us an edge, irrespective of who enters the market", Kapoor told investors.

Quick Commerce remains a significant growth opportunity, with the industry increasing at a 60-80% rate.

Swiggy has launched its Rs 11,327 crore IPO, which includes a fresh issue of shares of Rs 4,499 crore and an offer for sale (OFS) of Rs 6,828 crore.

The shares would be available for subscription at a price range of Rs 371 to Rs 390 each.

The company intends to use the proceeds from the new issue to invest in technology and cloud infrastructure, brand marketing and business promotion, debt repayment, and inorganic expansion and general corporate objectives.

Swiggy, founded in 2014, reported a loss of Rs 611 crore in the quarter ending June 2024, down from Rs 564 crore in the same time the previous year.