The world we live in is changing at a rate never witnessed by any generation before. Just a couple of years ago it was a luxury to get your products delivered within a day. And now it has kind of become a norm in major cities. JioMart is aiming to be a platform that delivers within 3 hours where are there are many startups like Grofers (BlinkIt) which are trying to get products delivered in 10 minutes.
Now it’s the turn of Ola to get venture into hyperlocal deliveries.
Ola ventures into 10 min delivery business
Recently, Bengaluru-based unicorn Ola announced that it is venturing into hyperlocal delivery with Ola Store. The service which is currently available on the app through Ola Store promises a 10-minute delivery. The company has opened dark stores and is currently following a pick-up-and-drop model to fulfill the orders.
At present, the services are in nascent stages and are seeing how the deliveries will now pan out. It should be noted that this is Ola’s second foray into the grocery delivery segment. The segment currently is growing significantly. And it already has players like Dunzo?, ?Swiggy?, and ?Zepto? in the space that found a strong niche in the segment.
According to the sources, Ola will be venturing into a complete segment of fresh, home care, personal care, pet care, and the whole nine yards.
The Hyperlocal delivery market is growing exponentially
Currently, the hyperlocal delivery segment is pegged to be $3.04 billion. Zepto has already raised an early-stage funding round worth $60 million, at a valuation of $225 million. It aims to expand its 10-minute grocery delivery nationwide.
Dunzo Daily growing at an astonishing rate of 25 percent week-on-week. The company is focused on the user’s buying patterns, and it stocks only those items that are frequently purchased by the users in geography.
It should be noted that riding on the back of the organic demand, the Bengaluru-based hyperlocal giant scaled its GMV, which includes the value of products sold on the platform and user delivery fees, by approximately 65 percent in FY21, with more than 90 percent of users signing up on the platform organically in the last year.
The ride-hailing platform Ola is a newbie in the segment, and we look forward to seeing it unfold positively.