Swiggy announced on Wednesday, November 13 that it expects strong growth in the next 3-5 years. The company plans to expand its geographical reach and store network for its Instamart business.
Swiggy doubles no. of quick commerce categories in 1 year
Following its successful stock market debut, Swiggy also revealed that it has doubled the number of quick commerce categories over the past year.
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“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 after the stock market listing ceremony, according to Economic Times.
Notably, the food delivery and quick-commerce major made a strong debut on the stock exchanges, listing at INR 412, a 5.64% jump from the issue price. The company’s INR 11,327-crore initial public offer (IPO) was fully subscribed, ending with 3.59 times subscription. Key highlights of the IPO include a listing price of INR 412, 5.64% above the issue price, and a 15.12% surge to INR 449 apiece.
Swiggy reduces delivery time to 12 minutes in cities
Furthermore, Swiggy plans to utilise IPO proceeds for technology, brand marketing, debt payment, and inorganic growth. The company will also invest in various categories, with a focus on Instamart. Instamart’s average delivery time has reduced from 17 minutes to 12 minutes in big cities. Additionally, Swiggy plans to open larger dark stores, up to 8,000-10,000 sq ft.
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Meanwhile, Majety emphasised, “We will continue to invest in various categories.” On the reported Competition Commission of India (CCI) probe into anti-competition practices, he stated, “We are following laws and practices with complete compliance.”
The CCI probe allegedly found unfair business practices, including preferential treatment to some restaurant partners, by food delivery platforms Zomato and Swiggy.
