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Indian food delivery startup Swiggy is reportedly planning to invest around USD 700 million in its instant grocery delivery service, Instamart.
This development comes after the company decided to finalize new fundraising of more than USD 500 million which would take its final worth to over USD 10 billion. The SoftBank-backed startup has secured USD 1.25 billion to date.
Confirming the news, co-founder and Chief Executive of the company Sriharsha Majety was quoted saying that considering Swiggy’s current progression graph, Instamart is on course to accumulate an annual GMV run rate of nearly USD 1 billion. As the firm’s food delivery business has been trending at a USD 3 billion annual run rate, the company is looking forward to improving its convenience mission soon, the CEO added.
It is worth mentioning here that the food delivery giant launched Instamart in only two Indian cities back in 2020, which now has expanded up to 18 cities and is currently delivering nearly a million orders per week.
According to seasoned experts, fast grocery delivery services have also been gaining popularity across the globe. Even in India, several startups have started to venture into this sector. For instance, Zepto, a Mumbai-based instant grocery service has expanded its reach in several cities after closing a USD 60 million.
Interestingly, Swiggy’s Indian archrival Zomato had also tried to enter this space but backed out due to poor traction.
Swiggy has been adding at least one seller-run-dark store on its platform almost every day, cited sources with relevant information. The startup intends to make deliveries within 15 minutes starting from January 2022 with the help of these dark stores placed close to the majority of its customers.
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