Mumbai-based online supermarket LocalBanya.com has raised its Series A funding from Karmvir Avant Group. According to the company officials,the funding will further accelerate company’s growth and equip the company to service its fast growing customer base better.
“This cash inflow is a great vote of confidence in LocalBanya’s vision and empowers us with the resources to scale up operations, recruitment and marketing efforts which in turn will fuel growth,” says Rashi Choudhary, Co-founder, LocalBanya.
“Our sales and user base has been rapidly increasing month on month which is leading us to cement our position as the preferred online grocery brand in Mumbai and start moving to other metro cities very soon,” she adds. This resonates with LocalBanya’s entry into Thane and Navi Mumbai by mid-January and its presence in at least two more cities by mid-2014.
LocalBanya has been aggressive with its marketing efforts, which have been further amplified by an intensive campaign for its extension of services to Thane and Navi Mumbai. The website processes around 400 deliveries every day with a team of over 100 employees.
Karmvir Avant Group has recently made investments in several start-ups in the hospitality and IT domain and are looking to add to their portfolio with the deal which was introduced to the company through Delhi-based financial advisory firm, Highstreet Corporate Advisors. The deal comes close on the heels of BCCL’s Springboard investment in LocalBanya in July, 2013.