The startup plans to use the funds to expand its 45-minute grocery delivery service across Mumbai and grow aggressively in the city before expanding to other metros
7th January, 2021: KiranaKart, an online grocery delivery startup backed by leading global accelerator Y Combinator, announced that it raised INR 5.33 crores in a pre-seed round that was led by Global Founders Capital, raising its post-money valuation cap to USD 7 million. Other investors include Contrary Capital, 2 AM Ventures, and angel investors from India and Silicon Valley.
The fast-moving startup was founded by an incredibly impressive team of two 18-year-old Stanford students from Mumbai, who found massive, unserved potential in the competitive grocery delivery space.
Speaking on the fund raise CTO and Co-founder, Kaivalya Vohra said, “We believe our technology-first approach will be a powerful edge over incumbents in this space. Unlike food delivery or ride-sharing, the grocery delivery market in India is far from conquered and we’re excited to tackle it head-on with a different approach.” Kaivalya also added that the team is currently hiring ambitious engineers with a founder-mentality for their core group of top technical talent.
The hyperlocal delivery startup has already partnered with general stores from Borivali to Colaba, selling everything from loose dal to imported Pop-Tarts. Beyond that, it’s also closing deals with major retail chains across Mumbai.
“As our Y Combinator journey unfolded, we focused on finding a loyal segment of users and iterating on our product. We’ve kept ourselves under the radar, but now we’re ready to move this forward in a big way! We’ve already onboarded enough kiranas and major retail chains to comfortably deliver to 80% of Mumbai and we’re excited for our all-city launch in the next 3 weeks.” said CEO and Co-founder, Aadit Palicha.
Source: Business World