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.
“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.
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.
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