“Happy With How They’ve Grown” – Prosus on Swiggy Instamart’s Success
Swiggy Instamart: Fabricio Bloisi, CEO of Prosus — the largest investor in Swiggy with a 25% stake — expressed strong satisfaction with the food and grocery delivery giant’s progress, calling Swiggy Instamart a “long-term success” still in its early stages.
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In an exclusive interview with Moneycontrol, Bloisi praised Swiggy’s decade-long journey and highlighted the immense potential of the Indian market. “Swiggy is doing very well in food delivery, and they are very innovative in quick commerce,” he said, pointing specifically to the rapid expansion of Swiggy’s quick commerce arm.
Swiggy Instamart has been expanding aggressively, opening 316 dark stores in the March quarter alone — tripling its usual pace and bringing its total to 1,021 outlets, matching competitor Blinkit’s expansion rate. The intense competition in India’s quick commerce sector sees Swiggy Instamart, Blinkit, and Zepto collectively delivering over 4 million orders daily, with Blinkit currently leading.
When asked about possible acquisitions like Zepto to boost Swiggy Instamart’s position, Bloisi was optimistic about the company’s current momentum: “We are happy about what they are doing today.”
India’s quick commerce market is one of the few globally where the model has taken off strongly. Bloisi believes the competition will remain diverse rather than consolidating to a single winner. “Many markets have two or three strong players,” he noted.
Prosus is also leveraging its global portfolio to support Swiggy Instamart’s growth, drawing learnings and resources from other investments.
Following Swiggy’s $1.25 billion IPO last year, Prosus has already reaped significant gains but remains focused on building a market leader in India rather than cashing out. “The moment is to build a real big leader in India,” Bloisi affirmed.
Prosus expects up to five companies from its portfolio, including Meesho, Urban Company, BlueStone, and PayU, to go public this year, signaling a busy IPO season ahead.
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