Swiggy to invest $700 million in Instamart service

On-demand delivery platform Swiggy on Thursday said it will invest $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 undertaking over one million orders per week.

In the past few months, Swiggy Instamart has onboarded more than one seller-run dark store per day.

By January 2022, it will make deliveries in 15 minutes by having the network of dark stores in close proximity 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 $1 billion in the next three quarters. With our food delivery business trending at a $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 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.

Watch the latest DH Videos here: