Friday
December 3
2021

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.

Source: TechCrunch (link opens in a new window)

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Investing
Tags
e-commerce, emerging markets, food systems, funding, impact investing, startups, technology