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News on Medial
Swiggy Instamart at an inflection point amid rising competition: CEO Sriharsha Majety.
Economic Times
·
8m ago
Medial
Swiggy's quick-commerce arm, Instamart, is facing increased competition and evolving market dynamics. To maintain its lead, Swiggy is making strategic investments and expanding its dark store network. They have added 52 new stores in Q2, totaling around 2 million square feet. Instamart plans to double its dark store count by March 2024 and increase the average store size. Swiggy's GOV for Q2FY25 saw a 24.1% increase, driven by order volume and orders per dark store. They also improved delivery time, item availability, and delivery reliability. The focus now is on user acquisition and increasing order frequency.
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Related News
Capital won't decide winners in quick commerce: Swiggy’s Sriharsha Majety
Livemint
·
9m ago
Medial
In a recent interview, the CEO of food delivery platform Swiggy, Sriharsha Majety, emphasized that the success of quick commerce platforms relies on customer experience, rather than capital. Swiggy is preparing for its upcoming initial public offering (IPO), and plans to allocate a portion of the IPO proceeds to its quick commerce arm, Instamart. Swiggy's competitors, including Zomato and Zepto, have also been focusing on ramping up their hyperlocal e-commerce and grocery delivery services. Despite the rising competition, Swiggy believes there is enough room for multiple players in these categories.
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Swiggy's top executives get ₹2,240 crore in ESOPs ahead of IPO
Inshorts
·
10m ago
Medial
Swiggy has awarded employee stock options (ESOPs) worth $270 million (₹2,240 crore) to its top executives ahead of IPO, reports said. CEO Sriharsha Majety, who previously owned 6.23% of Swiggy, has been given an additional 2.3% stake. Co-founders Nandan Reddy and Phani Kishan Addepalli, food marketplace CEO Rohit Kapoor, and Instamart CEO Amitesh Jha have also been awarded new shares.
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Swiggy Instamart expands to 76 cities, to launch a standalone app
Economic Times
·
7m ago
Medial
"While it’s been clear for a while now that Swiggy Instamart is set to match food delivery in size, recent developments show it’s on track to surpass food delivery in both penetration and scale. The positive reception in new cities and categories suggests Instamart could achieve far greater user adoption, going well beyond 100M+ users,” Sriharsha Majety, MD & group CEO, Swiggy said in a statement.
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Expecting very solid growth for next 3-5 years: Swiggy CEO Sriharsha Majety
Economic Times
·
8m ago
Medial
Food delivery and quick-commerce company Swiggy anticipates strong growth in the next 3-5 years. The company plans to expand its geographical presence and stores network for its Instamart business. Swiggy CEO Sriharsha Majety stated that they have doubled the categories for quick commerce in the past year. Following its debut on the stock exchanges, Swiggy's share price rose significantly. The company's IPO received strong demand and its proceeds will be allocated towards technology investment, brand marketing, debt payment, inorganic growth, and general corporate purposes. Swiggy also aims to open larger dark stores and emphasizes compliance with laws and regulations amid a reported CCI probe.
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Swiggy IPO anchor book oversubscribed 25x; bids worth over $15 billion received from global and domestic investors
Economic Times
·
9m ago
Medial
Food and grocery delivery giant Swiggy has garnered significant interest from global and domestic investors in its IPO. The anchor book, set at $600 million, was oversubscribed 25 times, with bids totalling $14 billion. Major investors like Fidelity, Capital Group, and Norges Bank Investment Management have shown interest in the IPO. Swiggy CEO Sriharsha Majety highlighted the potential of its quick commerce business, Instamart, which may surpass its food delivery operations. The IPO filing includes a price range of Rs 371-390 per share, and Swiggy plans to raise Rs 4,499 crore through the issuance of new shares.
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Swiggy’s Core: Who’s Driving The IPO-Bound Giant Towards Profitability?
Inc42
·
10m ago
Medial
Swiggy, a leading food delivery platform in India, has experienced several leadership changes in recent years across its various business verticals. The company's CEO, Sriharsha Majety, has assembled a team of experienced professionals from the fields of e-commerce, consultancy, and technology products, including cofounders Nandan Reddy and Phani Kishan. Notably, Instamart, Swiggy's quick commerce vertical, has seen the most new hires. As Swiggy prepares for an IPO, its new leaders have a significant responsibility, with revenue for each key vertical ranging from INR 1,000 Cr to INR 6,000 Cr.
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'Not going to wait and watch': Swiggy CEO on new opportunities in food delivery amid Rapido’s entry
YourStory
·
1m ago
Medial
Swiggy CEO Sriharsha Majety emphasized the company's readiness to explore new opportunities in the food delivery industry following Rapido's entry. Swiggy holds a 12-13% stake in Rapido, a move aimed at diversifying its service offerings. Rapido plans to enter the food delivery market with lower commission rates, addressing criticism faced by Swiggy and Zomato. Majety highlighted Swiggy's agility and technology prowess in entering new categories swiftly while noting the differing growth dynamics between food delivery and quick commerce.
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Got zero orders the day we launched Swiggy: CEO Sriharsha Majety
Inshorts
·
11m ago
Medial
Swiggy Co-founder and CEO Sriharsha Majety revealed the company ended the day with zero orders when it was launched ten years ago. Majety said the company got its first-ever order on the second day of operations. Swiggy started as a food delivery business in 2014 and entered quick commerce business in 2020. It received shareholder approval for IPO in April.
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Quick Commerce To Become $40 Bn Market By 2030: Swiggy CEO
Inc42
·
1m ago
Medial
Swiggy cofounder and CEO, Sriharsha Majety, forecasts that India's quick commerce market could grow into a $30-$40 billion industry within the next three to five years. He suggests that further consolidation in the sector is likely. Swiggy's quick commerce arm, Instamart, is targeting overall contribution margin breakeven between October and December 2025. These projections are set against the backdrop of Prosus India managing $6.5 billion in assets across more than 30 Indian companies.
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Who is Amitesh Jha? What we know about the new Swiggy Instamart CEO | Mint
Livemint
·
11m ago
Medial
Swiggy Instamart, a food aggregator and e-commerce start-up, has appointed Amitesh Jha as its new CEO. Jha, previously with Flipkart for over 14 years, brings extensive experience in leading core categories and managing logistics. Swiggy's CEO, Sriharsha Majety, praised Jha's track record and welcomed him to the company. Jha, a chemical engineering graduate from IIT Delhi and MBA holder from IIM Ahmedabad, expressed excitement about being part of the transformative disruption in India's consumer internet industry. The appointment comes as Swiggy prepares for a mega IPO aiming for a close to $15 billion valuation.
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