SoftBank-backed foodtech unicorn Swiggy is investing $700 million in its instant grocery delivery service Instamart, which it launched in August last year.
The investment highlights the Bengaluru-based startup’s commitment to grow in the e-grocery space, a segment that has seen intense competition, especially since the start of the COVID-19 pandemic.
Co-founder and CEO Sriharsha Majety is optimistic about Swiggy’s bet. “At our current growth trajectory, Instamart is set to reach an annualised gross merchandise value (GMV) run rate of $1 billion in the next three quarters,” he said.
In other news, IPO-bound hospitality unicorn OYO has announced the addition of Rajnish Kumar, former Chairman of State Bank of India (SBI), as Strategic Group Advisor at OYO.
Rajnish, who has spent over 40 years in the financial sector, will play a key role in advising OYO’s management on short-term and long-term strategy, regulatory and stakeholder engagement, and enhancing the brand of the company globally, OYO said.
The Interview
Ujjwal Chaurasia aka Techno Gamerz is a 19-year-old gaming content creator who has 22 million followers. Watch this episode of Influencers Inc to hear his story of stepping into the content creation world!
Editor’s Pick: App Friday
Evolve has been named as one of the best apps for personal growth in Google Play’s Best of 2021. The app aims to help users sleep well, deal with depression, overcome anxiety, become more productive, de-stress and improve mental health with the assistance of scientifically proven techniques like Cognitive Behavioral Therapy (CBT), Mindfulness & Dialectical Behavioral Therapy (DBT). Read More.
Startup Spotlight
Building office culture during WFH
Although most of us are in no hurry to give up working-from-home-in-pajamas just yet, one does miss spontaneous office conversations and coffee breaks.
Founded in September 2020, Cosmos Video promises to help users beat the office FOMO. The startup has built virtual spaces that replicate physical offices by combing video chat with a Minecraft-like game. Read More.
News & Updates
- Manoj Kohli, Country Head, Softbank India is hopeful of India’s digital transformation future. He was speaking at the ongoing NASSCOM Product Conclave.
- Payment solutions startup PayGlocal on Thursday said it has raised $4.9 million in a Series A funding round led by Sequoia Capital, along with investors such as BeeNext, Jitendra Gupta, and Amrish Rau.
Before you go, stay inspired with…
Manoj Kohli, Country Head, Softbank
“India has a good run on digital transformation and this sets the foundation for the next phase of deep tech where the opportunity is fantastic.”
— Manoj Kohli, Country Head, Softbank India
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