Sriharsha Majety, cofounder and CEO of Swiggy, anticipates that the Indian quick commerce market will grow into a $30 billion to $40 billion opportunity within the next three to five years.

He further stated that the quick commerce sector could experience a greater level of consolidation in the future.

“Currently, the quick commerce market is on track to reach a size of $30 billion to $40 billion within three to five years.  While that size can accommodate more than two players, it is improbable that it can support five to six players,” Majety stated in response to a question at an investor event organized by Prosus in London.

Related: Rapido’s Entry Into Food Delivery: Does It Impact Zomato-Swiggy Duopoly?

• He also stated that Instamart, the quick commerce division of the foodtech major, aims to achieve an overall contribution margin breakeven between October 2025 and December 2025. Majety explained his reasoning, stating that breakeven would be achieved through a “significant number of (dark) stores” that Instamart intends to add in the next four months.

• Majety commented on Rapido’s foray into food delivery, stating that although every company must determine its own path, history demonstrates that it is quite difficult to survive and grow in this sector.“Getting an opening to take a home run with is not easy.”  Majety added that it would be interesting to see if there is an alternative approach to food delivery that could expand the category, as more growth is anticipated.He further mentioned that Swiggy is agile, paranoid, and prepared to react quickly to any new opportunities in the food delivery sector.

• It is relevant to mention that the foodtech giant mentioned above was the leader of Rapido’s Series D round, which amounted to $180 million, in 2022.  In the fireside chat, Ashutosh Sharma, head of Prosus India, playfully teased Majety about Swiggy holding a 13% stake in the ride-hailing company.  In response, Majety replied, “not that much.”If one is to trust the reports, Swiggy holds a 12-13% stake in the ride-hailing company.In the meantime, Sharma mentioned that Prosus is overseeing assets worth $6.5 billion across over 30 Indian firms and has returned approximately $4 billion to its shareholders.  He stated that a number of its portfolio companies are approaching readiness for the public market, which is likely to enhance returns in the short term.Sharma added, “Several of our portfolio companies are mature and ready to list, which will further enhance near-term returns.”

As he spoke, a presentation slide behind him displayed the usual suspects – Meesho, Urban Company and PayU – as the firms on their way to an IPO.  Rapido was also included among the mentioned names.  For the first time, Prosus has suggested that the ride-hailing company might pursue an IPO.

Nonetheless, the Dutch investor has postponed PayU’s listing plans once more and aims to focus on improving the fintech company’s operations in India over the next 6-12 months.  The investor, however, is looking at five additional public listings in India for FY26.