Swiggy's top executive has made a bold statement about the company's future. He sees enormous growth potential right here in India. The food delivery giant has no immediate plans to expand globally.
Huge Domestic Opportunity
Rohit Kapoor, CEO of Swiggy's Food Marketplace, spoke exclusively to PTI. The interview took place at the World Economic Forum Annual Meeting. Kapoor emphasized India's massive untapped market.
"India still represents a fairly large opportunity for change," Kapoor stated clearly. He confirmed there are no current plans for international expansion. The company believes the domestic market holds more than enough potential.
Growth Trends Holding Strong
Kapoor provided specific numbers about Swiggy's performance. The company has been guiding markets toward an 18-20% year-on-year growth rate. Recent quarterly results show these trends are holding up well.
"In food, particularly, we have been guiding the markets to an 18-20 per cent growth rate year-on-year," Kapoor explained. He pointed to last quarter's numbers as evidence of this sustained growth.
Penetration Remains Low
The Swiggy CEO highlighted a crucial fact about India's food delivery market. Penetration levels here are significantly lower than in many other regions.
"The food penetration level in India is way below not just Western numbers but even some Southeast Asian and Asian countries," Kapoor noted. This gap creates what he called "a huge headroom" for expansion.
Only 10-12% Have Tried Food Delivery
When asked about the exact size of the untapped market, Kapoor gave startling figures. He estimated only 10-12% of Indians have ever used food delivery services.
"It's probably about 10-12 per cent of India that has ever used food delivery," Kapoor revealed. This means 85-90 per cent of the market remains completely untapped.
Kapoor also mentioned the emerging consumer class. This group will soon enter the market, adding to the growth potential.
Broader Ecosystem Growth Needed
Kapoor's vision extends beyond just food delivery. He believes the entire food sector can experience significant growth.
"The work cut out there is not just to grow food delivery," he said. Food delivery typically grows about twice as fast as the overall food market. But Kapoor sees potential for much broader expansion.
He emphasized the need for collaboration. "The entire food sector can grow a lot if the entire ecosystem and the government come together," Kapoor suggested.
Multiple Business Opportunities
The Swiggy executive sees opportunities beyond just food delivery. He mentioned multiple other businesses across India that show promise.
"Opportunities are there, not just in food but also in multiple other businesses across the country," Kapoor stated. This indicates Swiggy might explore additional services in the future.
For now, the company remains focused on its core food delivery business. With 85-90% of the Indian market still waiting to be tapped, Swiggy has plenty of room to grow right at home.
