Swiggy, a Bengaluru-based foodtech startup, has announced that it will invest $700 million in its Instamart quick grocery delivery service.
Instamart, which began operations in Gurugram and Bengaluru in August 2020, now operates in 18 cities and processes over 1 million orders per week.
Swiggy Instamart has added more than one seller-run dark store every day in the last few months. By January 2022, it will have a network of dark stores close to the bulk of its consumers, allowing it to make deliveries in 15 minutes.
“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.