Bangalore: Swiggy, the online food delivery platform, announced on Thursday that it will invest USD700 million (Rs 5,250 crore) in its express grocery delivery service Instamart, which will deliver groceries in 15-30 minutes - at a critical time when its closest competitor Zomato has discontinued its in-house grocery delivery services.

Swiggy Instamart, which began operations in Gurugram and Bengaluru in 2020, today serves consumers in 18 cities and processes over one million orders every week. Swiggy Instatmart 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 pace, Instamart is on track to reach a USD1 billion annualised GMV run rate in the next three quarters," said Swiggy CEO Sriharsha Majety. "With our food delivery business growing at a USD3 billion annualised GMV run rate and Instamart's explosive growth, we're really pleased about our convenience mission coming to life in a significant way," Majety said.

Ahmedabad, Bengaluru, Chennai, Coimbatore, Chandigarh, Delhi, Gurugram, Hyderabad, Indore, Jaipur, Kolkata, Kochi, Lucknow, Ludhiana, Mumbai, Noida, Pune, and Vizag are among the cities where the platform is available.

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