Online grocery delivery company Grofers, which promises its buyers quick delivery in just 10 minutes, has currently also changed its name to Blinkit amid growing competition in the fast commerce division.
The evolution occurs at a time when the brand is in talks to raise $500 million in a new round of investment from existing investor Zomato. In a recent interaction with media, Albinder Dhindsa, founder and the chief executive officer, stated that the company was doing 1.25 lakh orders daily.
He even said that 10 minutes delivery was not just feasible but a must in today’s fast-paced life so that individuals have time for more important things.
“Once upon a time, a few months ago, we started on a journey to build the future of commerce with 10 minute delivery of most of the stuff our customers need in their daily lives. Today, we already process over a million orders a week across 12 cities in India. And this is just a start,” Dhindsa expressed in a blog on December 13.
— Blinkit (formerly grofers) (@letsblinkit) December 13, 2021
“We learnt a lot as Grofers, and all our learnings, our team, and our infrastructure is being repurposed to pivot to something with staggering product-market fit – quick commerce. Today, we are surging ahead as a new company, and we have a new mission statement – “instant commerce indistinguishable from magic”. And we will no longer be doing this as Grofers – we will be doing it as Blinkit,” he added.
“Rebranding helps only when what is on offer is reinvented for the new future and new demands of the new consumer as well. If their service can match the demand of instant commerce, they sure will succeed,” said Harish Bijoor, founder of Harish Bijoor Consults Inc.
The rebranding occurs when most competitors accumulate funds to contend in the cash guzzling sector.
Zepto, which recently raised $60 million in its first institutional round of investment, is already in discussions for its next big round.
Instant grocery is a big market and has the potential to nearly threefold the number of orders as compared to food delivery, Aadit Palicha, co-founder and CEO of Zepto, said in November. The food delivery sector generates about three million orders per day in India on an industry level.