Fresh fruits and vegetables, daily bread and eggs, cooking supplies, beverages, instant food and munchies, personal and infant care, home and cleaning are among the products available on the platform, which have been particularly curated to meet the demand requirements of each area.
Swiggy, a food delivery platform, announced on Thursday that it will spend USD 700 million (about Rs 5,250 crore) in Instamart, its quick grocery delivery service.
Swiggy Instamart, which began operations in Gurugram and Bengaluru last year, now operates in 18 cities and processes over one million orders every week. It said that by January 2022, it will be able to make deliveries in 15 minutes thanks to a network of dark stores located close to the bulk of its clients.
Quick commerce (or q-commerce) allows customers to get modest amounts of goods to customers in a shorter period of time than standard e-commerce deliveries. Instamart competes with q-commerce platforms such as Grofers and Dunzo, both of which are funded by Zomato. Ola began testing a rapid delivery service for products like as groceries in Bengaluru last month.
According to a Red Seer analysis, India's fast commerce sector is predicted to increase from USD 0.3 billion to USD 5 billion by 2025. According to the report, quick commerce is developing in India as a result of developments such as a shift in consumer behaviour, the introduction of significant firms like Big Basket and Grofers, and the rise of immediate delivery platforms.
Instamart is expected to reach an annualised GMV run rate of USD 1 billion in the next three quarters, according to Swiggy CEO Sriharsha Majesty.
Swiggy announced the completion of a USD 1.25 billion (about Rs 9,345 crore) financing round headed by SoftBank Vision Fund 2 and Prosus in July of this year. According to sources, the company was valued at USD 5.5 billion at the end of the round (around Rs 41,125 crore).
Swiggy, which was founded in 2014, connects customers with over 1.85 lakh restaurant partners and outlets in more than 500 cities.