Food delivery startup Swiggy to invest $700 million in its quick commerce business, Instamart, according to TNN report.
“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,” said Sriharsha Majety, CEO, Swiggy.
Launched in Gurugram and Bangalore in 2020, Swiggy Instamart is now available across 18 cities, and doing over one million orders per week.
In the last few months, Swiggy Instatmart has on-boarded more than one seller-run dark store every day.
By January 2022, it will make deliveries in 15 minutes by having the network of dark stores very close to the majority of its customers, the report said.
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