Two-month-old fresh produce marketplace startup Veggykart is in advanced talks to raise Series A funding of USD 4 million (approx Rs 24 crore) from three investors.
“We are expecting to close the Series A funding by the end of this month. Currently we are in advanced talks with 3-4 investors,” co-founder and CEO of VeggyKart, Ravi Pahuja told Indiaretailing.
VeggyKart launched its services in Gurgaon on June 1 with a seed funding of Rs 2 crore. It is primarily a marketplace for handpicked fresh fruits and vegetables, in both whole and cut forms, delivered to consumers in slick, hygiene packages. However, it also offers other grocery essentials, including dairy products, snacks and beverages.
VeggyKart plans to use the funds acquired for expansion beyond Gurgaon. “We are looking at expanding our services to Noida and Delhi-NCR within two months,” Pahuja said.
Along with focusing at expanding its services, Veggykart is looking to boost repeat purchase from customers. “Online grocery is a competitive market. We are focusing on repeat purchases from our customers. Buying grocery is not like buying a mobile phone; if we’ll be able to generate repeat purchases, half the work will be done and then of course we can expand further,” he added.
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