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[The Outline By Inc42 Plus] The 15-Minute Economy

[The Outline By Inc42 Plus] The 15-Minute Economy

The 15-minute economy is defined by on-demand digital services that cater to clusters within cities. And it's well and truly arrived in India, underlined by billions of dollars being invested by startups over 2021

“Swiggy To Invest $700 Mn For Pan-India Delivery In 15 Minutes”
“BigBasket To Enter QCommerce Bandwagon With BBNow”
“10 Cities Get 10-Min Grocery Delivery: Grofers”
“Dunzo To Add 300 Micro-Fulfilment Centres To Deliver Grocery In Under 19 Minutes”
“Ola Pilots 15-Minute Grocery Delivery”
“Zepto Raises $60 Mn Funding To Deliver Groceries In 10 Minutes”

As we count down to 2022, one of the more enduring themes of 2021 has been the rush for express hyperlocal services and the need to get closer to consumers. These are just some of the headlines of the past few weeks and some like Zepto are reported to be close to raising more — which could make it the fastest unicorn in India.

While billions are being poured into hyperlocal and essential delivery businesses by the likes of Zomato, Swiggy, Dunzo, and others, the likes of Amazon and Flipkart are promising two-hour delivery, which seems relatively snail-paced. The stronghold of startups and delivery companies is evident in the hyperlocal domain, which is giving rise to a new phenomenon, at least in the cities.

We call this the 15-minute economy, an extension of the 15-minute city concept that is currently sweeping across Western Europe and the US. The 15-minute economy is defined by on-demand digital services that cater to these cities. And it’s well and truly arrived in India.