Swiggy to invest $700 mn in grocery delivery service Instamart

Swiggy, SoftBank-backed Indian food delivery startup, is set to invest $700 million in its grocery delivery service Instamart.
Swiggy food delivery jobInstamart is set to reach an annualised gross merchandise value run rate of $1 billion in the next three quarters, Swiggy said.

The service, which spans 18 cities in the country and serves more than 1 million orders per week, will also start 15-minute deliveries in top cities by January 2022.

The Indian online grocery market is estimated to reach $18.2 billion in 2024 from $1.9 billion in 2019, according to government estimates.

Instamart competes with Tata-owned BigBasket, Grofers, Amazon.com’s Amazon Fresh and Reliance Industries’ JioMart.

Swiggy Chief Executive Officer Sriharsha Majety said the company’s food delivery business was currently at a $3 billion annualised gross merchandise value run rate.

Separately, Bloomberg News on Wednesday reported that Swiggy is nearing a $700 million fund raise led by Invesco.

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