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.
 
 
Share this:
Tags:

About Jessica Priston

Ut tellus dolor, dapibus eget, elementum vel, cursus eleifend, elit. Aenean auctor wisi et urna. Aliquam erat volutpat. Duis ac turpis. Integer rutrum ante eu lacus. Vestibulum libero nisl, porta vel, scelerisque eget, malesuada at, neque. Vivamus eget nibh. Etiam cursus leo vel metus. Nulla facilisi. Aenean nec eros.

  • Website
  • Google+
  • Rss
  • Pinterest
  • Instagram
  • LinkedIn
  • Vimeo
  • Youtube
  • Flickr
  • Email

Related News

  • Cashback site Cashkaro now offers restaurant discounts

    India’s e-commerce market looks large and lucrative enough from the outside, but insiders know it is very challenging. In fact, the number of e-commerce sites and businesses is growing so fast here today that the competition is cut-throat. This

  • What is Viscose Material? Advantage and disadvantage of viscose.

    Viscose is a unique form of wood cellulose acetate used in the nnmanufacture of a number of different products. This includes items for nnthe medical industry, though it is perhaps most common as a major nningredient in the production of the fabric r

  • Honda launches new CBR 250R bike
    Honda launches new CBR 250R bike
    July 01, 2014 5:50 am

    New Delhi: Honda Motorcycle & Scooter India (HMSI) launched a new edition of its global sports performance bike CBR 250R priced between Rs 1.56 lakh and Rs 1.86 lakh (ex-showroom Delhi). The 2013 edition CBR 250R is available for sale across a

  • Zara has opened store at Ambience mall, Gurgaon

    Zara, has opened its new store at Ambience mall, Gurgaon. Spread over 28,000 sq.ft. across two floors the store has taken the space earlier occupied by Debenhams. With this Zara now has twelve stores in India. It is present in 86 countries with