Online grocery delivery startup Satvacart has advanced discussions for closing a US$ 50 million (Rs 375 crore) funding round from marquee VC funds and family offices.
The Gurugram-based company said it has closed a pre-series A round of funding. The round saw participation from angel investors including Kuldeep Puri, a senior executive at Hitachi Energy, UAE; Shailendra Kumar, a senior executive at ABB, UAE, and Siddhartha Garg from Google UK, said a statement from Satvacart.
Madhu Sudana Rao Kalagarla, a senior executive at Adani group, and Srinivas Kotta, a senior executive from Adobe will also participate in this round.
"It is in advance discussions of closing a US$ 50 million round from marquee VC funds and family offices," the statement said.
Founded by husband-wife duo Deepika and Rahul, Satvacart caters to a section of Gurugram with Rs 300 crore a month on grocery consumption.
It achieved break-even in 2020 and is now scaling up the business to cater top four cities in the next 18-24 months and the top 13 cities in the next two years. It aims to have a US$ 1 billion gross merchandise value (GMV).
Talking about the recent surge in quick commerce startups, Deepika Saxena, Co-founder, and CTO, Satvacart said: "We have always been working towards adapting Domino's type global scalability to the traditional profit-generating Kirana
"As a result, while building up the systems for replicability, we built systems to do pick-up of a standard order of 23 odd products within a time span of 2 minutes. The remaining time is left for deliveries," she added.