#Asia Indian online grocer Town Essentials raises US$1M from angel investors


The funds will be used for marketing activities aimed at customer acquisition. It also plans to launch a mobile app



Bangalore-based full-service online grocery supplier Town Essentials has raised about INR 6.7 crore (US$1 million) in a fresh round of angel funding from few high-net-worth individuals.

According to a report by The Economic Times, with the latest round of funding, the investment by angel investors in the company has gone up to INR 12 crore (US$1.8 million).

Founded in 2002 by Amar Krishnamurthy, Town Essentials, supplies groceries to consumers and institutions. The company, which claims to gets about 200 orders a day in Bangalore, plans to use the funds for marketing activities aimed at customer acquisition.

Also Read: India’s PepperTap buys Jiffstore; in advanced talks to raise US$11M funding

“We will make our basket of private labels stronger by adding new products, improve back-end manufacturing and spend on advertising,” said Amar Murthy, Founder and CEO of Town Essentials.

Infosys’ first non-founder employee Sharad Hegde was the lead investor in the round. Former Workday executive Girish Reddy; Siddharth Patil, head of data science at the TellApart division at Twitter; and existing investor Shrikant Patil also participated in the round.

The investors will be part of the company’s governing council.

Also Read: Alibaba to pump US$1.25 billion in Chinese online food delivery service Ele.me

The company has recently launched a new platform called Morning Drop to focus on subscription-based products such as milk, bread and eggs.

It plans to ramp up customer base to about 10,000 and launch a mobile app for customers.

The post Indian online grocer Town Essentials raises US$1M from angel investors appeared first on e27.

from e27 http://ift.tt/1YLYRrj

This entry was posted in #Asia by Startup365. Bookmark the permalink.

About Startup365

Chaque jour nous vous présenterons une nouvelle Startup française ! Notre pays regorge de talents et d'entrepreneurs brillants ! Alors partons à la découverte des meilleures startup françaises ! Certaines d'entre elles sont dans une étape essentielle dans la vie d'une startup : la recherche de financement, notamment par le financement participatif (ou crowdfunding en anglais). Alors participez à cette grande aventure en leur faisant une petite donation ! Les startups françaises ont besoin de vous !