Swiggy, India’s largest food delivery platform, plans to enter the country’s social commerce space, Entrackr reported.
As part of this initiative, Swiggy will launch the social commerce business Swiggy Bazaar to sell groceries, consumer goods (FMCG) and fresh farm produce. The company is also likely to bring a “bulk buying element and leverage the reseller model in Swiggy Bazaar,” according to the report, which cites anonymous sources.
Based in Bangalore, Swiggy had an estimated valuation of $ 5.6 billion during its last funding round in July. The company is expected to become the first private company to achieve decacorne status – worth over $ 10 billion – by the end of 2021.
Read more: Indian Swiggy in talks to raise $ 800 million from investors
The company plans to grow its Swiggy Bazaar workforce to about double its current 10 to 15, according to the report.
It is estimated that Swiggy will make an initial investment of $ 10-15 million in his social media business and pilot the program in core markets, such as Bengaluru and Gurugram, according to the report.
In August, Swiggy reportedly moved further into the grocery and merchandise delivery space, moving away from restaurants. His goal is to compete with Zomato, a rival.
See more : Swiggy Pivots to More Grocery Delivery Services
Co-founder Sriharsha Majety said at the time that non-restaurant food deliveries made up about 25% of the company’s revenue. Over the next few years, Swiggy plans to increase that number to 50%.
âSome companies are in a really exciting place where they can take it to the next level from here,â said Majety. “Some of them will be larger than the [restaurant] food delivery business over the next four or five years. I want to come back in a few years and talk about the story of a company bigger than food.