Swiggy Instamart doing well, happy about how they’ve grown: Prosus chief Fabricio Bloisi

Swiggy Instamart doing well, happy about how they’ve grown: Prosus chief Fabricio Bloisi

Fabricio Bloisi, CEO of Prosus — Swiggy’s largest investor with a 25 percent stake — said he is “happy” with the way the food and grocery delivery company has grown, calling it a long-term success that’s still in its early innings.

“Swiggy is a success with 10 years of history, and their story is super interesting, and because of the size and potential of India, I believe it's just starting,” Bloisi told Moneycontrol in an interview.

He added that Swiggy continues to perform well in its core food delivery segment and is steadily scaling newer bets. “I think Swiggy is doing very well in food delivery, we are very confident with the numbers. Swiggy is very innovative and doing well on quick commerce,” he said.

This comes amid intensifying competition in India’s quick commerce market, with Blinkit, Zepto and Swiggy Instamart racing to gain share. Swiggy Instamart opened 316 dark stores in the March quarter — triple its usual pace — taking its total to 1,021 and matching Blinkit’s recent expansion rate.

Together, the three players delivered 4.15–4.45 million orders daily in March, with Blinkit leading at 1.65–1.75 million, followed by Zepto (1.45–1.55 million) and Instamart (1.05–1.15 million), as per data reported by Moneycontrol.

When asked whether acquiring a rival like Zepto could have helped strengthen Swiggy’s presence in the quick commerce space, Bloisi said, “I think they are doing well right now, they are doing quite well with Instamart, so we are happy about what they are doing today.”

He also noted that India is one of the few markets where quick commerce has taken off in a meaningful way. “The quick commerce business of Swiggy has more success here in India than in most parts of the world, so I think the world can learn what they are doing here,” he said.

On whether this market is likely to consolidate around one or two players, Bloisi disagreed. “I don't think that those markets are a winner take all, many of them you have two or three, even three players,” he said.

“I think we are in a phase of expansion here… it's super competitive, yes, some people are going to win, for example us, Swiggy, and then we are going to keep moving to a different phase in the future,” he added.

Bloisi also said Prosus is drawing from its broader global portfolio to support Swiggy.

“We are very confident, we have many companies where we can learn a few things and try to share with Swiggy, that's what we are trying to do,” he added.

Notably, Prosus sold $550 million worth of shares during Swiggy’s $1.25 billion IPO last year, and the firm stands to gain as much as $2.8 billion for its roughly 31 percent stake in Swiggy, more than doubling its $1.3 billion investment.

“We are very excited that some of the bets we made in the last two years, a few of the bets were made like four, five, six years ago, they are becoming more mature now. So, the moment is not like to take money off the table, the moment is to build a real big leader in India,” he concluded.

As many as five companies from Prosus’ stable are expected to IPO this year. While Bloisi did not give specific names, it is likely that Meesho, Urban Company, BlueStone and PayU will be among the next to tap public markets.