Swiggy To Invest $700 Million in Instant Grocery Delivery Service in India
By Manish Singh
Swiggy, India’s top food-delivery startup, will invest $700 million in its express grocery delivery service Instamart, significantly intensifying the competition for quick commerce in the world’s second largest market.
The SoftBank-backed startup, which initially launched Instamart in two Indian cities in 2020, said on Thursday that the quick grocery delivery service is now available in 18 cities and clocking over a million orders per week.
Fast-grocery delivery is making quick inroads in markets across the globe and investor money is piling up. Instacart plans to launch a 15-minute or less grocery delivery service in the U.S., The Information reported this week. Deliveroo has expanded into this space in the UK; Getir of Turky is promising a 10-minute grocery delivery in Chicago.
Photo courtesy of Rajesh_India.