Bangalore-based full-service online grocery supplier Town Essentials has raised about INR 6.7 crore (US$1 million) in a fresh round of angel funding from few high-net-worth individuals. The participants in this round included Infosys' first non-founder employee Sharad Hegde as the lead investor; former Workday executive Girish Reddy; Siddharth Patil, head of data science at the TellApart division at Twitter
; and existing investor Shrikant Patil.
With this newly raised capital, the company is now planning to use the funds for marketing activities aimed at customer acquisition. Combining this funding round, the company has now raised close to Rs. 12 crore from angel investors.Founded in 2003 by Amar, Town Essentials is delivering groceries, just like multitude of similar startups out there.
The investors will be part of the company's governing council. The company claims that it gets 200 orders a day in Bangalore. Once the user places an order, the staff of Town Essentials travel to farmers' markets on the outskirts of Bangalore and handpicks each vegetable and fruit.
In addition, Town Essentials has launched a new platform called Morning Drop. The platform will focus on subscription-based products such as milk, bread and eggs. Along with that, the company is also planning to ramp up customer base to about 10,000 and launch a mobile application for customers to order from. Some of its rivals include BigBasket, RainCan besides grocery marketplaces such as PepperTap, Grofers
, ZopNow, Jugnoo and Satvacart.As for similar startups to have raised funding, this space is filled up to the brim.
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