Swiggy on Wednesday said it is expecting very solid growth in the next 3-5 years and plans to expand its geographical footprint and stores network for Instamart business. It said it has doubled the categories for quick commerce in the last 12 months.
“We are expecting very solid growth for the next 3-5 years. We are expanding our geographical footprint, stores network for Instamart business,” Swiggy CEO Sriharsha Majety said post the listing ceremony. He said that the company will continue to invest in various categories.
Also ReadCPSE capex down 8 per cent in April-October
Majety said that Instamart’s average delivery time has reduced over time in big cities from 17 minutes to 12 minutes. He added that the company plans to open bigger dark stores in size as much as 8,000-10,000 sq ft.
Also Read EPFO reports 7.8% increase in claims settled, 7.6% growth in subscribers: Labour Ministry FPIs withdraw nearly Rs 20,000 cr from equities in last 5 trading sessions Tata Steel shares gain nearly 2% on strong Q2 performance; Should you Buy, Sell, or Hold? GAIL India shares rise 7% on surge in Q2 net profit
On the reported CCI probe against food delivery platforms including Swiggy for anti-competition practices, Majety said, “we are following laws and practices with complete compliance”.
Majety also shared the story of how he started the food-tech unicorn by recalling his student days at IIM Calcutta. “I completely forgot about it after that college project finished. And then, in a very different way, again came across it, without knowing it,” he shared. “For that idea to have first gotten executed is in itself a rarity. But to execute it at the size and scale that we have right now is an absolute miracle,” he added.
At a recent press meet in Bengaluru, Majety recounted starting Swiggy’s operations in 2014 with Nandan Reddy, his batchmate from BITS Pilani, and Rahul Jaimini, the third co-founder and head of technology.
Before meeting Jaimini, Majety and Reddy were building a courier aggregation platform called Bundl, but later chose to get out of that business. “We didn’t see the opportunity that we could have gone after, so we got out, and probably in hindsight that was the best decision we’ve taken in the last 10-plus years,” he said.
» Read More
