Swiggy to invest $700 million in express-delivery service Instamart – TechCrunch

Date:

India’s top food delivery startup, Swiggy, will invest $ 700 million in its express grocery delivery service, Instamart, to significantly intensify rapid commercial competition in the world’s second-largest market.

Softbank-backed startups that launched Instamart in two cities in India in 2020 will have rapid grocery delivery services available in 18 cities on Thursday, recording more than one million orders per week. He said he was doing it.

Rapid delivery of groceries is rapidly permeating markets around the world. UK-based startup Zapp, which promises to deliver essential items within 15 to 20 minutes, is familiar with the issue, raising about $ 100 million in rounds led by Atomico, GIC, and Lightspeed. Two sources told me.

Even in India, more startups are beginning to explore this area. Based in Mumbai, Zepto is actively expanding fast-delivery startups in several cities in India.Startups launched earlier this year, recently Announced $ 60 Million Fundraising According to sources familiar with the matter, we are already in talks to raise a much larger round. (Swiggy’s biggest rival in India, Zomato, also tried to enter this space before, but stopped trying because of insufficient traction.)

Swiggy said he is adding seller-operated dark stores to the platform every day. The startup said it hopes to deliver in 15 minutes by January 2022 by building a network of dark stores near the majority of its customers.

“In the current growth trajectory, Instamart will reach a GMV utilization rate of US $ 1 billion annually in the next three quarters. The food delivery business is trending at a GMV utilization rate of US $ 3 billion annually, due to Instamart’s rapid growth. We are very excited to see the convenience mission come to fruition in a very large way, “said co-founder Sriharsha Magety. In a statement, Swiggy’s CEO.

The announcement comes when Swiggy, which raised $ 1.25 billion this year, makes the final decision to raise more than $ 500 million, worth more than $ 10 billion. TechCrunch Reported 2 months ago.. Invesco is leading the round, the report said.

Swiggy to invest $700 million in express-delivery service Instamart – TechCrunch Source link Swiggy to invest $700 million in express-delivery service Instamart – TechCrunch

The post Swiggy to invest $700 million in express-delivery service Instamart – TechCrunch appeared first on California News Times.

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Share post:

Popular

More like this
Related

Will Europe Break with the United States?

I received a great questions from a German reader...

TikTok users think they’ve found the world’s smartest pig

Is this the smartest pig in the world?A pot-bellied...

DOGE May Soon Break Out Despite Overall Market Negativity: Report

DOGE, Bitcoin, BNB and LINK are candidates for a...

Crypto profits going unreported? Here’s why you may be on the IRS radar 

A U.S. District Judge recently issued an order with...