Gurgaon-based grocery delivery startup Satvacart has raised an undisclosed round of seed funding from Palaash Ventures.
Gurgaon-based grocery delivery startup Satvacart has raised an undisclosed round of seed funding from Palaash Ventures and a group of angel investors, including a former managing director of a leading PE firm.
Started at the end of 2014, Satvacart offers 4000 curated products across grocery, fruits and vegetables, personal care, household essentials, and baby care. It offers delivery across five different time slots, and has repeat purchase rates of over 80% so far, according to the company.
It plans to expand across six new cities by the end of the fiscal."From the beginning, our focus has been on delivering excellent shopping experience to our customers by utilizing analytics and technology," said Rahul Hari, founder and CEO, who had previously worked with Cleartrip and Netapp. "We have seen more than 100% month-on-month growth in the past six months."
The funds will be used to scale up operations, acquire customers, and build its technology team. The company has also brought on board three advisors, including Arvind Gupta, the head of the Digital India Foundation; Vijay Shukla, managing partner of Setu Ventures; and Pushpinder Singh, founder of food startup TravelKhana.
The grocery delivery industry in India has seen substantial traction since the start of 2015, with inventory-based model BigBasket and delivery models like Grofers, PepperTap, and ZopNow having received large amounts of funding from leading venture capital firms. Newer entrants include Jiffstore and NinjaCart, both based in Bengaluru.
"Grocery and personal care being standard yet high involvement categories, we believe teams that focus on delivering a great shopping experience will eventually see success," commented Tapesh Singhi, partner at Palaash Ventures. "We expect to see (Satvacart) scale fast going ahead."
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