The rising competition in the quick commerce space has led to an increase in the number of players shifting to a 10-minute grocery delivery service. In addition to which the online grocery startup, Grofers, has made a new advancement by rebranding itself as Blinkit.
According to the concept, Grofers will apparently deliver in the blink of an eye.
A month after launching an initiative to deliver groceries in less than 10 minutes, Albinder Dhindsa-led company rebranded. A large number of such orders are now being processed every week across 12 cities, according to the company.
Over the last few months, there has been a lot of discussion around the rapid commerce or immediate delivery business model. In India, where mom-and-pop stores can be found on every corner, the judgment is split on whether veggies or basics such as rice, wheat, and lentils truly need to be delivered in 10 minutes.
The news comes as the company is in discussions with existing investor Zomato to raise $500 million in a new round of investment.
He also stated that in today’s fast-paced world, 10-minute delivery is not only conceivable but necessary in order for people to have time for more essential things.
The plan forward
Grofers wants to add 150 dark stores by December, bringing the total to 350, enabling rapid commerce that will deliver purchases in roughly 10 minutes, according to the company’s co-founder. According to the firm, it has a 3 million monthly order run rate and has grown 3.5 times in the previous two months, adding one million rapid commerce consumers.
Grofers process roughly 500 orders every day on average. The oldest dark store processes 1,400 orders each day on average. One of our fastest-growing stores went from zero to 1,000 orders per day in only 20 days.
Instamart, BigBasket, Dunzo, and upstart Zepto compete with Grofers, in which Zomato already has a stake.
The rebranding comes at a time when most of its competitors are stockpiling funds to compete in the cash-hungry industry.
Zepto, which recently secured $60m in its first institutional round of fundraising, is already planning its next large round of funding.
Sriharsha Majety, Swiggy’s founder and CEO, also announced that the firm will spend $700 million on Instamart, an immediate grocery service.
Swiggy also said that it was processing over 1 million orders per week and that 15-minute delivery to major cities will begin in January 2022.
The quick commerce and 10-minute grocery delivery service have been the trend in 2021. More and more companies are looking to expand and invest towards instant or faster delivery concepts. Swiggy’s Instamart, Grofers, Dunzo, Zepto are a few names that are already delivering groceries within minutes at the customers’ doorsteps.