Foodtech major Swiggy on Thursday said it will invest $700 million in its express grocery delivery service Instamart, as it looks to double down on non-food delivery categories in the coming months. The move signals Swiggy’s aspirations to grow its quick-commerce business, as competition in the 10-minute grocery delivery space heats up. Grofers, backed by archrival Zomato, also pivoted to a 10-minute grocery delivery model, earlier in August this year. Majety adds that as new business lines pick up the share of food delivery revenues may come down, over time. Swiggy’s focus towards express and convenience-based grocery delivery comes when rival Zomato recently abandoned its e-grocery plans this year.

Source: Mint December 02, 2021 10:52 UTC