Mumbai based online grocery startup Zapmart is all set to raise US$ 10 million in its first round of funding from investors.
According to a ANI report: Zapmart which is a self-funded startup by Parvez Siddiqui has got a seed funding of Rs 3 crore, which was led by two businessmen from the real estate sector.
“The seed funding will be used to strengthen our technology backbone and logistics within Mumbai,” Founder, Zapmart, Parvez Siddiqui was quoted by ANI as saying.
Zapmart is also keen to raise US$ 10 million from its Series A round of funding, in which they are in talks with few angel investors and are looking out for large venture capital funds.
“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,” Siddiqui was quoted by ANI as saying.
“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 was quoted by ANI as saying.
The company is all set to launch its two new sub-stations within the city known as Zap-Station which will help the logistic team to deliver in lesser time to the consumer to ensure the product ordered remains fresh and in good condition.
Zapmart offers a wide range of over 5,000 daily usage products and has a customer base of more than 6,000 to 7,000 in Mumbai.