New Delhi: Online food delivery company Swiggy said on Thursday that it will invest $ 700 million (about Rs 5,250 crore) in its groceries supply unit Instamart.
After starting operations in Gurugram and Bengaluru in the year 2020, Swiggy Instamart is now serving customers across 18 cities and fulfilling over 1 million orders per week. Over the past few months, Swiggy Instamart has added more than one dark store every day.
With the addition of a significant number of ‘dark stores’, the company will deliver goods within 15 minutes to its customers by January 2022, a statement said. Swiggy CEO Sriharsha Majeti said, “Given our current growth trajectory, Instamart is poised to reach an average rate of GMV (Gross Goods Value) of $1 billion annually over the next three quarters.
With our food delivery business with an annual GMV average rate of $3 billion and the strong growth of Instamart, we are very excited to scale our business to scale.” The platform delivers products across categories such as fresh fruits and vegetables, bread and eggs, cooking essentials, beverages, instant eatables, and personal and baby care, home, and cleaning.
This Swiggy unit is functioning in Ahmedabad, Bengaluru, Chennai, Coimbatore, Chandigarh, Delhi, Gurugram, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Lucknow, Ludhiana, Mumbai, Noida, Pune, and Visakhapatnam.
