Online super market LocalBanya raises Series A funding from Mumbai realtor
Mumbai-based MN&C Supply Links Retail Pvt Ltd, which owns and operates online super market LocalBanya.com, has raised an undisclosed amount in Series A funding from Karmvir Avant Group, a real estate developer in Mumbai.
"This cash inflow empowers us with the resources to scale up operations, recruiting and marketing efforts which in turn will fuel growth," says Rashi Choudhary, co-founder, LocalBanya.
Currently the firm is present in Mumbai and is looking to expand to nearby Thane and Navi Mumbai later this month and expects to enter two more cities by mid-2014, as per a statement.
The company was started in May 2012 by Karan Mehrotra (CEO), Amit Naik (CTO) and Choudhary (COO). Mehrotra is a computer engineer who was previously involved with his family business as a distributor for FMCG firms such as Hindustan Unilever. An IIM-Lucknow graduate, Naik previously worked at Google, Directi and Larsen & Toubro. Choudhary holds a MBA degree from SP Jain Institute of Management & Research (Mumbai) and prior to setting up LocalBanya, she worked at Raymond.
LocalBanya.com is an online convenience store that offers fruits and vegetables, groceries, personal care, household supplies, detergents, kitchen ware, breakfast cereals and snacks, among other items. The website claims to process around 400 deliveries every day with a team of over 100 employees. Close to a third of its orders are to institutional clients.
The venture had previously raised funding from Times Group's Brand Capital Springboard platform.
The firm competes with the likes of EkStop, another Mumbai-based e-grocery which recently raised fresh capital from Ronnie Screwvala's Unilazer Ventures, besides firms like BigBasket.
Started in 2010 by Karmvir Rajpurohit, Karmvir Avant Group is a real estate development group with operations in Gujarat and Maharashtra. The firm has previously also made a few other early stage investments in other sectors.
Delhi-based High Street Corporate Advisors was involved in introducing the investor to LocalBanya.
(Edited by Joby Puthuparampil Johnson)