Bangalore-based online grocer, Town Essentials, has reportedly raised USD1 million (Rs. 6.7 crore) in a fresh round of angel funding from a group of HNIs.
Investors in the 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.
The funding will be used for marketing activities aimed at customer acquisition. Town Essentials hopes to increase its customer base to about 10,000 and also launch a mobile app.
Founded in 2003, Town Essentials gets about 200 orders a day in Bangalore. It is a vegetarian local e-grocer specialising in fresh fruits, vegetables, regional ingredients and artisanal goods. The company aims to help discover and share the best of what India’s farms and kitchens have to offer.
The firm had recently launched a new platform called Morning Drop focused on subscription-based product delivery of everyday grocery items like milk, egg etc.
The company competes with the likes of BigBasket and ZopNow, among others.
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