Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Japan
  4. Japan Exchange
  5. SoftBank Group Corp.
  6. News
  7. Summary
    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

India's Swiggy to invest $700 million in grocery delivery service Instamart

12/02/2021 | 05:03am EST

BENGALURU (Reuters) - SoftBank-backed Indian food delivery startup Swiggy said on Thursday it would invest $700 million in its grocery delivery service Instamart, to strengthen its footing in a highly competitive domestic market.

First launched in the Indian cities of Bengaluru and Gurugram last year, Instamart is set to reach an annualised gross merchandise value run rate of $1 billion in the next three quarters, Swiggy said.

The service, which spans 18 cities in the country and serves more than 1 million orders per week, will also start 15-minute deliveries in top cities by January 2022.

Home delivery companies in India were hit by a sudden pandemic-related lockdown last year as health concerns discouraged people from ordering in, but as the initial hesitancy eased, food and grocery delivery apps like Swiggy reaped the benefits of fewer people stepping out.

The Indian online grocery market is estimated to reach $18.2 billion in 2024 from $1.9 billion in 2019, according to government estimates.

Instamart competes with Tata-owned BigBasket, Grofers, in which Swiggy's larger rival Zomato Ltd holds a stake, Amazon.com Inc's Amazon Fresh and Reliance Industries' JioMart.

Swiggy Chief Executive Officer Sriharsha Majety said in a statement that the company's food delivery business was currently at a $3 billion annualised gross merchandise value run rate.

Separately, Bloomberg News on Wednesday reported https://bloom.bg/3IdNze7 that Swiggy is nearing a $700 million fund raise led by Invesco.

(Reporting by Rama Venkat in Bengaluru; Editing by Devika Syamnath)


ę Reuters 2021
All news about SOFTBANK GROUP CORP.
04:56aNikkei 225 Down 3.1% in Sell-Off on Federal Reserve Outlook
MT
02:54aUK competition regulator probes Clayton $10 billion deal for Morrisons
RE
02:24aTaiwan battery maker ProLogium signs investment deal with Mercedes-Benz
RE
01:43aJapan's Nikkei ends at 14-month low as tech stocks fall on Fed tightening timeline
RE
01/26Japan's Nikkei hits 14-month low; rate hike concerns hit tech shares
RE
01/26AInnovation Fails to Sustain Investor Appetite for Hong Kong Debutants With Flat Openin..
MT
01/26Tiger Global, Sapphire led funding round values block chain firm Blockdaemon at $3.25 b..
RE
01/26Blockdaemon Raises $207 Million in Series C Funding Round
DJ
01/26Crypto exchange FTX US valued at $8 bln as first fundraise draws SoftBank, Temasek
RE
01/26MARKETSCREENER’S WORLD PRESS REVIEW : January 26, 2022
More news
Analyst Recommendations on SOFTBANK GROUP CORP.
More recommendations
Financials
Sales 2022 6 119 B 53 209 M 53 209 M
Net income 2022 1 058 B 9 201 M 9 201 M
Net Debt 2022 15 202 B 132 B 132 B
P/E ratio 2022 8,20x
Yield 2022 0,85%
Capitalization 8 815 B 77 086 M 76 651 M
EV / Sales 2022 3,92x
EV / Sales 2023 3,91x
Nbr of Employees 58 786
Free-Float 69,3%
Chart SOFTBANK GROUP CORP.
Duration : Period :
SoftBank Group Corp. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends SOFTBANK GROUP CORP.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Last Close Price 5 156,00 JPY
Average target price 9 718,00 JPY
Spread / Average Target 88,5%
EPS Revisions
Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Sector and Competitors
1st jan.Capi. (M$)
SOFTBANK GROUP CORP.-5.12%77 086
AT&T INC.-1.42%173 169
T-MOBILE US-10.14%130 176
KDDI CORPORATION5.86%69 405
AMÉRICA MÓVIL, S.A.B. DE C.V.-8.67%61 957
VODAFONE GROUP PLC10.65%45 459