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December 3, 2021updated 24 Dec 2021 7:25am

Swiggy plans $700m investment in food delivery platform Instamart

Instamart currently operates across 18 Indian cities, delivering more than one million orders a week.

Indian food delivery platform Swiggy is reportedly planning to invest Rs52.5bn ($700m) in Instamart, its instant grocery delivery service, to strengthen its non-food delivery categories.

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Established last year in Gurgaon and Bengaluru, Instamart is currently operating across several major Indian cities, including Ahmedabad, Chennai, Coimbatore, Chandigarh, Delhi, Gurugram, Hyderabad.

It also operates in Indore, Jaipur, Kolkata, Kochi, Lucknow, Ludhiana, Pune, Vizag, Mumbai and Noida.

The company delivers a wide range of products such as fresh fruits, vegetables, daily bread, eggs, beverages and cooking essentials.

Instamart is competing with other delivery companies that have recently entered the Indian grocery delivery space, including Dunzo, Grofers, BigBasket and Zepto.

Swiggy CEO Sriharsha Majety said: “At our current growth trajectory, Instamart is set to reach an annualised gross merchandise value (GMV) run rate of $1bn in the next three quarters.

“With our food delivery business trending at a $3bn 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.”

In recent months, Instamart has delivered more than one million orders a week and onboarded more than one seller-run dark store a day.

The company plans to deliver orders in 15 minutes through its dark store network by next month.

In June, Swiggy and its partner Anra Technologies announced plans to start drone trials for food deliveries in India.

Anra’s flight team is using its SmartSkies technology to deliver food and medical packages in the Etah and Rupnagar districts in the states of Uttar Pradesh and Punjab.

Swiggy is reportedly expected to receive around $700m in fresh capital at a valuation of $10bn over the coming weeks.

The company has so far raised more than $3.5bn in funding from various investors, including Prosus Ventures, Softbank, DST Global and Falcon Edge.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.