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Economic Times
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Quick commerce can be bigger than food delivery, won't be a duopoly: Swiggy founder Sriharsha Majety
- Swiggy founder Sriharsha Majety says that quick commerce can become a bigger business than food delivery in India and, unlike food delivery, it won’t be a duopoly.
- Swiggy’s IPO valuation is not linked to listed rival Zomato, but instead reflects its growth plans.
- Swiggy is targeting a $30-50bn market for quick commerce in India in the next four to five years.
- Investor sentiment towards quick commerce is currently positive.
- Swiggy believes there's room for multiple players in the quick commerce segment, and it won't be a duopoly as is the case with food delivery.
- The success will come down to how effectively players serve customers over the next few years through assortment and convenience.
- Swiggy plans to use IPO capital to fund the quick commerce expansion of its dark stores.
- Swiggy aims to continuously improve profitability on each of its segments.
- Swiggy is testing a new line of business with Rare, a private member's club.
- Swiggy's approach to growth in the food business is to unlock new consumption occasions, use cases and affordability.
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