Swiggy to invest USD 700 million in Instamart
On-demand delivery platform Swiggy on Thursday said it will invest USD 700 million (about Rs 5,250 crore) in its express grocery delivery service Instamart.
Launched in Gurugram and Bengaluru in 2020, Swiggy Instamart is now serving customers across 18 cities and doing over one million orders per week.
In the last few months, Swiggy Instamart has onboarded more than one seller-run dark store every day.
By January 2022, it will make deliveries in 15 minutes by having the network of dark stores very close to the majority of its customers, a statement said.
“At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of USD 1 billion in the next three quarters. With our food delivery business trending at a USD 3 billion 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,” Swiggy CEO said Sriharsha Majety said.
The platform offers an assortment of products across categories like fresh fruits and vegetables, daily bread and eggs, cooking essentials, beverages, instant food and munchies, personal and baby care, home and cleaning, specially curated to suit the demand requirements of each location.
It is available in Ahmedabad, Bengaluru, Chennai, Coimbatore, Chandigarh, Delhi, Gurugram, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Lucknow, Ludhiana, Mumbai, Noida, Pune and Vizag.
