Swiggy to invest $700 mn in its express grocery delivery service Instamart3Photo© business-standard.com

Swiggy to invest $700 mn in its express grocery delivery service Instamart

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New Delhi: Food delivery major Swiggy on Thursday said it will invest USD 700 million (about Rs 5,250 crore) in its express grocery delivery service named Instamart, reported news agency PTI. Launched in Gurugram and Bengaluru in 2020, Swiggy Instamart is now serving customers across 18 cities and doing over one million orders per week.

In the last few months, Swiggy Instamart has onboarded 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, a statement said.Also Read - Swiggy's New Membership Programme Offers Unlimited Free Deliveries

“At our current growth trajectory, Instamart is set to reach an annualised GMV run rate of USD 1 billion in the next three quarters. With our food delivery business trending at a USD 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,” Swiggy CEO said Sriharsha Majety said. Also Read - WPI Inflation Spikes to 12.54 Percent in October Crude Manufactured Items See Price Rise