Quick Commerce To Become $40 Bn Market By 2030: Swiggy CEO

Swiggy cofounder and CEO Sriharsha Majety expects the Indian quick commerce market to become a $30 Bn to $40 Bn opportunity in the next three to five years. 

He also said that the quick commerce space can see a higher degree of consolidation going forward. 

“At this point, the quick commerce market is headed towards a $30 Bn to $40 Bn size in three to five years. That size can support more than two players, but it is unlikely that it can support five to six players,” Majety said while responding to a question at an investor event organised by Prosus in London. 

He also asserted that the foodtech major’s quick commerce arm, Instamart, is eyeing overall contribution margin breakeven between October 2025 and December 2025. Citing his rationale, Majety said that breakeven would come on the back of a “significant number of (dark) stores” that Instamart plans to add in the next four months.

Meanwhile, responding to a question about ride-hailing platform Rapido’s entry in the food delivery space, Majety said while each company has to chart its own course, past experience shows that surviving and scaling in the category is far from easy.

“It is not easy to just get an opening that you can go take a home run with. I think it will be interesting to see if there’s an alternate take to food delivery that can grow the category, because we are waiting for some more growth as well,” Majety added.

He also said that Swiggy is agile, paranoid and ready to respond swiftly to any emerging opportunities in the food delivery segment.

It is pertinent to note that the listed foodtech major led Rapido’s $180 Mn Series D round in 2022. During the fireside chat, Prosus India head Ashutosh Sharma teased Majety that Swiggy owns a 13% stake in the ride-hailing company. To this, Majety retorted back by saying that “not that much”. 

If reports are to be believed, Swiggy owns 12-13% stake in the ride-hailing company.

Meanwhile, Sharma also said that Prosus is managing $6.5 Bn in assets across more than 30 Indian companies and has returned around $4 Bn to shareholders. He said that several of its portfolio companies are nearing public-market readiness, likely to boost returns in the near term.

“Several of our portfolio companies are mature and ready to list, which will further enhance returns in the near term,” Sharma added.

A presentation slide behind him showed the usual suspects – Meesho, Urban Company and PayU – as the companies headed for the IPO. Among the mentioned names was also Rapido. This is the first time that Prosus has hinted that the ride-hailing company could go for an IPO.

However, the Dutch investor has yet again deferred PayU’s listing plans and is looking to work on enhancing the fintech company’s India business over the next 6-12 months. Nevertheless, the investor is eyeing five more public listings in India in FY26.