Edabba.com, the hybrid e-retailer, has secured first-round funding of $1 million from a consortium of investors. Manoj Kumar, Co-founder and CEO, Omnipresent Retail India Pvt Ltd (edabba.com), said, “The investors have funded the company looking at the uniqueness and scalability of the model. We have been present in four states and have been focusing on few categories. This fund will be utilised by us to expand into another 10 states in the next 10-12 months and add a few more categories.”
At present, the company has close to 100 trust points in Bihar, Rajasthan, Uttarakhand and Goa, and plans to reach 700-plus trust points in 14 states in the next one year.
With this funding, edabba.com is looking at an exit of Rs 8-10 crore per month by March 2013. Kumar added, “E-retail in rural India is negligible due to technology and supply chain issues, but yes, if someone is able to guide them through the technology and create a supply chain to reach them, then there is always a possibility of explosion.”