Instamart will be linked to Swiggy Mall, this online food delivery startup is planning something big
Swiggy, an online platform that provides the facility of ordering food from various hotels, said on Thursday that it will connect Swiggy Mall with Instamart, which provides instant delivery of goods. This initiative has been taken to provide customers with wider options beyond groceries. Swiggy Mall is currently operating in some parts of Bengaluru. Swiggy entered the online retail segment with this.
The company said that Swiggy Instamart is already present in more than 25 cities, which will make Swiggy Mall bigger in the coming months. It will start from Bengaluru. Phani Kishan, Head of Swiggy Instamart, said, “Swiggy Instamart is expanding its offerings to include a wider range of products. “Now our customers can choose from a wider selection across over 35 categories.”
Company is going to launch IPO
American fund manager Invesco has recently increased the valuation of food delivery firm Swiggy, which is preparing for IPO. Invesco has increased the valuation of the company for the third consecutive time and it has been increased to $ 12.7 billion. This is about 49 percent more than the valuation of October 2023. Let us tell you that the company is planning to bring an IPO of about 1 billion dollars i.e. Rs 8300 crore by the end of this year.
This Bengaluru-based startup had done a funding round in January 2022 under the leadership of Invesco. In that funding round, Swiggy had raised $700 million i.e. about Rs 5800 crore. After this funding round, Swiggy became a decacorn, as its value reached $ 10.7 billion i.e. about Rs 88,993 crore.
