Food-tech platform Swiggy announced it will make a $700 million investment into its quick-commerce vertical Instamart. This announcement has come at a time when the segment is witnessing a flurry of new entrants and investments by existing companies.
Swiggy Instamart is the platform’s quick-commerce vertical where it promises to deliver groceries and related items in a shorter period of time compared to conventional online grocers.
Swiggy said that in the last few months, Instamart 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. “At our current growth trajectory, Instamart is set to reach an annualised GMV (gross merchandise value) run rate of $1 billion in the next three quarters".
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