Zapmart Looking To Rope In $10M In Series A Funding
Mumbai-based online and app-based grocer Zapmart is looking to round up USD 10 million in its first round of funding from investors. Although the start-up, which is owned by Parvez Siddiqui has till now been self-funded, roped in INR 3 crore in a funding round led by two businessmen from the real estate sector.
“The seed funding will be used to strengthen our technology backbone and logistics within Mumbai,” said Founder Zapmart, Parvez Siddiqui in a statement.
In addition to the seed funding, the online grocery start-up also seeks to raise USD 10 million from a series A funding, which will be implemented towards expanding Zapmart’s foothold across major Indian cities like Pune, Bengaluru, Delhi, and more. The company is in talks with funding parties and angel investors regarding the same.
“The Series A funds will be utilized for geographic expansion in Maharashtra and especially in Pune within this year. Another main usage of the funds will be utilized for turning kitchens into smart kitchens where our technical team is working towards a new innovative idea for the benefits of the consumer,” added Siddiqui.
“Our aim is to expand Zapmart in cities like Delhi, Bangalore, Kolkata, Ahmedabad, Jaipur and capture the tier II cities as well, in the next three to four years. We are on path of following our business policy of controlled expansion with eye on profits through operational excellence resulting in high customer satisfaction. Also we are following deeper penetration model which will help us to stabilize in each region we enter,” said Siddiqui.
Meanwhile, the company is all set to introduce Mumbai to two new sub-stations named Zap-station. These will decrease the time taken to deliver products from the seller to the consumer and will moreover ensure good quality and freshness.
Zapmart currently offers a wide range of over 5,000 daily usage products with an impressive customer base of more than 6,000 to 7,000 spread across South Mumbai.
Source: ET Retail