Groceries startup Supr Daily secures funding from Venture Catalysts, angel investors
Mumbai-based daily consumables startup Supr Daily has raised an undisclosed amount of funding led by angel investors from Venture Catalysts such as Dr Apoorv Ranjan Sharma and Anil Jain.
Krishna Jhunjhunwala, Anirudh Damani, Anuj Golecha, Dheeraj Jain (partner at Redcliffe Capital) and Harshvardhan Rajgarhia (Overnite Express) are some of the other angels who were part of the round, the company said in a statement.
The startup will use the fresh capital to scale up its pan-Mumbai operations in the next six months.
Founded by IIT-Bombay alumni Puneet Kumar and Shreyas Nagdawane in 2015, Supr Daily delivers daily consumable goods such as milk, bread, eggs and coconut water, among others, to its users every morning.
The app, operated by Supr Techlabs Pvt Ltd, follows a direct-to-consumer model adopted from the daily milk use-case in India to make deliveries, which it claims has helped it bring down the delivery cost per order to as low as Rs 1 - Rs 3 as compared to the e-commerce benchmark of Rs 50. The company claims that because of this business model they have achieved operational profitability.
Previously, Supr Techlabs had secured seed investment from Snapdeal founders Kunal Bahl and Rohit Bansal.
The company claims to have served close to half a million orders till date and is currently active in many parts of Mumbai.
"The key characteristic which sets aside this market is that the consumption behaviour has very high repeat rates and the market is already accustomed to a subscription based model," said co-founder Nagdawane.
Similar startups in this field include Bengaluru-based hyperlocal delivery startup Daily Ninja. It raised pre-series A round of funding led by TaxiForSure founder Aprameya Radhakrishna and Venk Krishnan of NuVentures, besides other angel investors.
Satvacart is another online grocery store which closed its third round of angel funding in October this year from angel investor Nimit Panigrahi.
In October, Rishabh Gupta, former Housing.com chief operating officer, co-founded a groceries startup The Box along with Vaibhav Chhimpa, a former product manager at the real estate portal.