Swiggy to enter social commerce business

Details:

• The Bengaluru-based food delivery app plans to pump US$15 million to US$20 million into its new online selling line, which will highlight groceries, fast-moving consumer goods, and fresh farm produce, among other products. Swiggy Bazaar will also have group-buying features and plans to enter the lifestyle and fashion spaces in the future.
• Hiring has ramped up for Swiggy, with its pilot launch already being considered “in a few cities.”

Dive deeper:

• SoftBank-backed Swiggy is reportedly in talks for its next funding round, which is expected to be led by investment management firm Invesco at a valuation of US$10 billion.
• The app also jumped on the electric vehicle bandwagon in India as it recently committed to cover 800,000 kilometers via electric vehicles by 2025.