Myonsto Raises Rs 2Cr from Oswal Industries’ Director Jayant Bokadia
Ahmedabad-based online grocery store, Myonsto.com has raised Rs 2 crore in angel funding from Oswal Industries’ Director Jayant Bokadia, for upgrading technology and for expansion in Gujarat.
Started in March by Sahil Dalal, Myonsto offers about 7,000 products across grocery, fruits, vegetables, beverages and personal care and clocking average monthly revenue between Rs 1.5 – 2 lakh.
“We are currently making a gross profit of 12-15% on an average,” said Sahil. “We focus on the quality of the products and services offered to the customers, rather turning ourselves into express delivery providers.”
Last month, Hyper local delivery startup Grofers launched operations in Ahmedabad and acquired a mobile-only grocery startup Mygreenbox in April. It secured $10 million in Series A round led by Sequoia Capital and Tiger Global in February. Now, with this funding Myonsto can grow up faster and compete with existing players.
Other similar firms such as ZopNow and PepperTap also raised funding recently. ZopNow raised a funding of $10 million led by San Francisco, California-based Dragoneer Investment Group, with participation from existing investors Accel Partners, QualComm Ventures and Times Internet. PepperTap receiveded a $10 million series A funding from Sequoia Capital and SAIF Partners.
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