Food delivery giant Swiggy will invest $700 million in Instamart. Instamart is its express grocery delivery service active in Gurugram and Bengaluru.
Expansion plans
Currently, Swiggy Instamart serves customers across 18 cities. Recently, it onboarded more than one seller-run dark store every day. It aims to make deliveries in 15 minutes by January 2022. It will be done through a network of dark stores very close to the majority of its customers.
Fundraise
The platform offers products across categories like fresh fruits, vegetables, eggs, and cooking essentials. In July this year, Swiggy closed a $1.25-billion fundraise. The investment helps accelerate Swiggy’s multi-year strategy of growing its core food delivery business.
