E-grocery startup Myonsto.com raises $315K in angel funding
Ahmedabad-based e-grocery startup Myonsto.com has secured Rs 2 crore (about $315,000 in angel funding from Oswal Industries' director Jayant Bokadia. The four months-old startup would utilise the money to upgrade technology infrastructure and expand further in Gujarat, as per a press statement.
Launched in March this year by Sahil Dalal, Myonsto claims to be the first e-grocery store in Ahmedabad. However, unlike other online grocery startups, it does not have a mobile app for mobile shopping of groceries yet.
"Other e-grocery players are working on a pizza delivery format—they try to deliver the product at the quickest possible time. We are not...We focus on the quality of the products and services offered to the customers, rather turning ourselves into express delivery providers," Sahil said.
Myinsto.com has over 5,000 products such as fruits, vegetables and household supplies, special international foods, bakery goods and desserts in its portfolio. It claims to have an average monthly revenue of Rs 200,000 lakh with a gross profit of 12-15 per cent.
Last month, Gurgaon-based Grofers launched its operations in Ahmedabad.
The grocery delivery industry in India is witnessing a lot of investor interest for both inventory-based models such as BigBasket and delivery models like Grofers, PepperTap, ZopNow and others. BigBasket recently expanded into the Delhi NCR market.
Major horizontal e-commerce players have also evinced interest in the Indian online grocery space with Amazon testing local deliveries with neighbourhood grocers as partners on its marketplace (starting with Bangalore).
In the space, Gurgaon based online grocery delivery store, Satvacart raised an undisclosed amount in seed funding from Palaash Ventures along with a few angel investors including a former managing director of a PE fund.
Oswal Industries is one of the leading manufacturer and exporter of valves. Bokadia has been associated with Oswal for over 10 years now.