Swiggy to invest $700 million in Instamart
Swiggy’s Instamart delivers more than one million orders per week across 18 Indian cities.
Swiggy, an Indian food delivery platform, is said to be preparing a $700 million (Rs52.5 billion) investment in Instamart, its rapid grocery delivery service, to expand its non-food delivery categories.
Swiggy’s Instamart, which began operations in Gurgaon and Bengaluru last year, is now present in several major Indian cities, including Ahmedabad, Chennai, Coimbatore, Chandigarh, Delhi, Gurugram, and Hyderabad.
Indore, Jaipur, Kolkata, Kochi, Lucknow, Ludhiana, Pune, Vizag, Mumbai, and Noida are among the cities where it operates.
Fresh fruits, vegetables, daily bread, eggs, beverages, and kitchen basics are among the things alleged to have been delivered by the company.
Instamart competes with other delivery firms that have lately joined the Indian grocery delivery market, such as Dunzo, Grofers, Big Basket, and Zepto.
“At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of $1 billion in the next three quarters,” Swiggy CEO Sriharsha Majety said.
“With our food delivery business trending at a $3bn annualised GMV run rate, and Instamart’s super-charged growth, we’re very excited about our convenience mission coming to life in a very big way.” he further added.
Now, Swiggy instamart delivers more than one million orders a week.