Swiggy Sets Sights On $50 Bn Quick Commerce Market, Targets 500 Mn Users In IPO Push

Swiggy’s CEO Sriharsha Majety and CFO Rahul Bothra on Monday outlined an ambitious growth strategy, including a projection of the company’s expansion in quick commerce that could tap into a total addressable market (TAM) ranging between USD 30 billion to USD 50 billion over the next four years.

During a discussion with reporters on upcoming IPO in Bengaluru, Majety mentioned the immense potential within the quick commerce sector. “I think it is a generational opportunity… we are really in the first few minutes of the game here in quick commerce.”

Swiggy also sees promising growth prospects in the food services industry, with the overall market anticipated to grow at a 10-11 per cent CAGR. Specifically, the online food delivery category, in which Swiggy operates, is projected to expand at a 17-22 per cent CAGR over the next four years.

“In fact, online food delivery happened before outside food happened in India today, together like Swiggy, Zomato are a third of overall organised restaurant industry. It has not happened anywhere else in the world. So, we think that there’s a multi-decadal opportunity just because of the underlying rails,” noted Majety, expecting the restaurant market to expand significantly in the coming decades.