JiffStore, On-Demand Grocery Platform, Secures New Round of Funding from Unitus Seed Fund and Times Internet,Company will utilize new capital to expand its presence and grow its customer base...
Unitus Seed Fund, India’s leading venture seed fund supporting startups innovating for the masses, announced that it, along with Times Internet Limited has invested in a follow-on round of capital for its portfolio company JiffStore, a mobile-first hyperlocal grocery delivery marketplace. JiffStore is among the first m-commerce platforms that enable shoppers to buy from their local grocery stores, on demand.
Enabling on-demand groceries
On-demand cabs, autos, cleaners, plumbers, masseuses- the list is endless! India is seeing a surge of startups offering almost everything on-demand. So why should good local grocery shops be left behind? Does the e-commerce boom in the country spell doom for traditional brick-and-mortar retailers? India’s 12 million strong mom & pop kirana network begs to disagree and is set to prove that online and offline models can coalesce to offer customers an uber-convenient shopping experience.
India is now witnessing a new era of O2O (Offline to Online) commerce, with the grocery industry in particular, rapidly integrating the digital and physical world. JiffStore is riding this wave by leveraging the grocery store network across Bangalore, for a start. In a short span of eighteen months, the company is clocking 6,000 transactions a month, with double-digit growth rates. JiffStore’s focus on groceries has helped model a seamless and convenient solution for shoppers.
Jiffstore has managed to achieve over 200 transactions per day through its asset light solution model and smart engineering. Armed with the additional funds Jiffstore, plans to expand thecompany’s network of stores. Funds will also be used to promote the firm’s services across various marketing channels, expand the team and improve the technology platform to provide superior customer experience. JiffStore is expanding its operations to other tier I cities Mumbai, Hyderabad and Delhi.
“Jiffstore has delighted shoppers by making mundane and routine grocery shopping extremely convenient and on-demand,” said Shameel Abdulla, CEO and Co-Founder of JiffStore. “We aim to take this experience pan India in a rapid pace.”
“We are excited about the prospects of India’s food-tech industry and are confident that Jiffstore has a strong platform to capitalize on the opportunity,” said Will Poole, Managing Partner, Unitus Seed Fund. “Jiffstore’s team has demonstrated significant customer traction and we are keen to provide requisite strategic and financial resources to help them catapult to the next phase of growth.”
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