Swiggy to invest $700 million in express-delivery service Instamart

Swiggy, India’s top food-delivery startup, will invest $700 million in its express grocery delivery service Instamart, significantly intensifying the competition for quick commerce in the world’s second largest market. The SoftBank-backed startup, which initially launched Instamart in two Indian cities in 2020, said on Thursday that the quick grocery delivery service is now available in […]

Zomato’s losses widen in first quarterly earnings since IPO

Zomato’s losses more than tripled in its first quarterly earnings report since its listing last month as the company’s expenses grew and the pandemic hit the firm’s dining-out business. The Gurgaon-headquartered firm reported (PDF) a net loss of $48 million in the quarter that ended in June, up from about $13.5 million during the same period […]

Food delivery firm Zomato surges 65% in key India debut

Shares in Zomato, a Gurgaon-based food delivery company and first of India’s consumer tech startups to go public, closed up 65% in its debut day of trading in Mumbai, delivering a key insight into the appetite investors have for the world’s second largest internet market’s burgeoning startup ecosystem. Zomato’s shares traded all day above the […]