Bengaluru-based on-demand delivery portal, UrDoorStep, has just raised INR 10 Crore in a bridge round. The investment came in the form of an undisclosed HNI investing about INR 5 Crore and an equal amount coming in as debt from Laxmi Vilas Bank.
Founded by business veteran, Dinesh Malpani, UrDoorStep is India’s first online hypermarket. Here you can buy products to meet your kitchen, home, clothes and lifestyle requirements such as fruits and vegetables, groceries, kitchen appliances and clothes, to name a few. They offer their services only in Bengaluru, at present, and source their produce from 9,000 farmers across India, depending on seasonal variations. Their reach in Bengaluru includes an approximate of 60-70 pin codes. The orders are served through a3,000-square-feet fulfilment centre which dispatches the orders to smaller spokes across the city for delivery.
MORE ABOUT THE FUNDRAISING
Four months ago, the company has raised INR 2 Crore In the previous round, CP Murali had invested in the company, which raised seed funding from Rajeev Chandrashekhar-backed Jupiter Capital.
“With the current round, we will be expanding to new pin codes in the city. We are eyeing EBITDA breakeven by first quarter of 2017-18. We are doing this by managing cost of customer acquisition and logistics cost,” said Dinesh Malpani, according to a report in the Economic Times.
According to retail advisory firm Technopak, the food and grocery industry in India is worth $383 Bn and is expected to touch $1 Tn by 2020.