BENGALURU: The quick commerce sector in 2024 not only witnessed significant venture funding and growth, but also saw the entry of major players and extraordinary growth in terms of users. Swiggy went public this year and Zomato-backed Blinkit business turned adjusted EBITDA positive in March 2024.
While Flipkart forayed into quick commerce with ‘Minutes’, Amazon announced Tez and Myntra launched ‘M-Now’. All major players are now focusing on the rapidly booming quick commerce market. Thanks to widespread adoption and demand not just in metro cities but also across tier-2 and 3 cities.
As per Tracxn report, the quick commerce space in 2024 saw a significant jump in terms of funding as the sector raised $1.37 billion in equity funding from 7 rounds, driven largely by Zepto, which secured $1.355 billion across three $300 million rounds.
In the next three years, Redseer predicts a 40-45% GMV CAGR for q-commerce. Not just groceries and food, all players have now expanded their offerings that include toys, gold during Dhanteras, beauty products, fashion and electronics, among others.
On Thursday, Swiggy’s quick commerce platform Instamart in its 2024 report said the fastest delivery of the year happened in Kochi in 89 seconds and that a single user spent Rs 8.3 lakh on gold during Dhanteras. People in Delhi have spent about Rs 60 crore on noodle snack.
The capital topped the charts for maximum orders of potato chips and instant noodles. Vizag went big on playtime, with a user spending Rs 27,742 on toys this year. The cheapest order of the year came in at Rs 3, a pencil sharpener, purchased by a user in Hyderabad at 8:15 pm. A user from Chennai splurged Rs 1,25,454 on electronics, electricals and home appliances this year, picking up nearly 85 items.
Instamart is aiming to double its dark store count by March 2025 from 523 in March 2024. In its first-ever results post IPO, Swiggy said its quick commerce arm saw improved performance where its gross order value growth accelerated to 24% sequentially to reach Rs 3,382 crore.