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Swiggy, a well-known Indian startup, has expanded its services by offering its customers a credit card. This move aims to enhance user engagement and loyalty. The credit card, developed in partnership with HDFC Bank, India's largest private bank, offers a range of benefits including a 10% cashback on Swiggy purchases and 5% on other platforms such as Amazon, Adidas, Zara, Flipkart, Nike, Uber, and BookmyShow.
The card, facilitated by Mastercard, comes with a three-month subscription to Swiggy One, a service that eliminates delivery charges, and provides 1% cashback on all other expenses. The startup, which has the support of Prosus, SoftBank, Accel, and Invesco, will also provide some additional Mastercard benefits.
Swiggy joins a growing list of Indian startups, not only from the fintech sector, that have released credit cards in recent years. These cards allow startups to diversify their revenue sources, optimize customer data utilization, and promote spending.
Featuring customized benefits, these cards enhance customer loyalty and serve as an attractive entry point to the expanding middle-class market in India, fostering growth in a highly competitive environment, as per analysts. Zomato, Swiggy's main competitor in India, has offered similar services in the past.
Rahul Bothra, Swiggy CFO, stated, "We understand that today's consumers are actively looking for rewards, deals, and cashback schemes that enhance their spending. With this in mind, we've launched this comprehensive card in collaboration with HDFC Bank and Mastercard, making everyday shopping across various categories more rewarding and convenient."
The card, facilitated by Mastercard, comes with a three-month subscription to Swiggy One, a service that eliminates delivery charges, and provides 1% cashback on all other expenses. The startup, which has the support of Prosus, SoftBank, Accel, and Invesco, will also provide some additional Mastercard benefits.
Swiggy joins a growing list of Indian startups, not only from the fintech sector, that have released credit cards in recent years. These cards allow startups to diversify their revenue sources, optimize customer data utilization, and promote spending.
Featuring customized benefits, these cards enhance customer loyalty and serve as an attractive entry point to the expanding middle-class market in India, fostering growth in a highly competitive environment, as per analysts. Zomato, Swiggy's main competitor in India, has offered similar services in the past.
Rahul Bothra, Swiggy CFO, stated, "We understand that today's consumers are actively looking for rewards, deals, and cashback schemes that enhance their spending. With this in mind, we've launched this comprehensive card in collaboration with HDFC Bank and Mastercard, making everyday shopping across various categories more rewarding and convenient."