As instant delivery gets quick traction worldwide, India's food delivery giant Zomato is also looking to take over Blinkit, earlier known as Grofers.
According to a report by Redseer, the quick commerce sector in India, currently with a market size of $700 million, is likely to grow 15 times in just three years to reach $5.5 billion market value.
Quick commerce, or the business of delivering essentials in time frames of 10 to 20 minutes, has set the start-up world abuzz but how is this changing the consumers’ purchasing behaviour and preference?
Boom or bubble?
Over a few months now, there has been quite a disruption in the grocery delivery space with a new entrant Zepto, which operates a 10-minute grocery delivery service; Grofers rebranded as Blinkit and promising a 10-minute delivery; and Swiggy investing $700 million in its express grocery delivery service Instamart.
The concept is rapidly coming of age but it's unclear still whether it's a boom or bubble.
Zomato's takeover of Blinkit an investment or just rescue?
Quick commerce delivery firm Blinkit, formally known as grofers is learnt to have shuttered 50 of its dark stores across the country, resulting in hundreds from its workforce, including dark store managers, pickers and delivery workers losing their jobs. This comes as the company looks for measures to reduce its burn rate amid a cash crunch.