Quick commerce is the next growth frontier for online food delivery firm Swiggy — following an investment of $700 million in Swiggy Instamart. The company is targeting 100 million users in four-five years in quick commerce from nine million in August.

“It is not just Swiggy Instamart, but the entire quick commerce industry is growing rapidly. Over the last one year, we had a 16 times growth in business,” said Karthik Gurmurthy, senior vice-president, Instamart.

The company is working on a mixed strategy to grow in quick commerce.

It plans to tap into the food delivery platform’s existing customers who do not use Instamart. It also aims to expand its product range and retain repeat customers.

A study by Redseer Strategy Consultants estimates India’s quick commerce market to record a 10-15 times growth by 2025, reaching a size of close to $5.5 billion, leading other markets, including China.

The study estimates the total addressable market for quick commerce in India to be $45 billion.

The metro and tier 1 cities drive this market on the back of demand from mid-high-income households.

Gurumurthy said in Calcutta Instamart is available in close to 93 per cent of the households in the city.

The platform has seen over half a million users in the last year.