In a funding round led by San Francisco-based Dragoneer Investors Group, the online grocer Zop-Now has raised $10 million (62 crore). Existing investors Accel Partners, Qual-Comm Ventures and Times Internet also participated in this round.
As per reports, the company is current valued at $50 million and is competing with other online players such as BigBasket, LocalBaniya etc. Flipkart and Snapdeal, as they have entered into this segment are likely to be its rivals too.
The company is currently planning to expand its territory in 15 cities and the raised funds will be used to strengthen technology and hiring front, said Mr. Mukesh Singh, Founder and CEO.
Zop-Now has tie up with supermarket chain Hypercity for sourcing supplies, and thus enabling hyper local deliveries for quicker order fulfilment. It is also in talks with other retail chains and looking to use the same model to scale up and expand in other verticals as well.