LocalBanya, a premier online convenience store, based in Mumbai, has announced its entry into Pune backed with undisclosed amount of funding from its third round of fund raising from Shrem Strategies. Before this round the company had raised two rounds from BCCL’s Springboard Fund and Karmvir Avant Infotech.
Founded in 2012, the company has revolutionized the grocery experience by delivering over 14,000 products at the customers’ doorsteps. Pune is LocalBanya’s first step forward in expansion and it aims at opening its branches in other major metro cities in the coming three months.
According to investors Shrem Strategies, LocalBanya is one of the established players in the online grocery segment in Mumbai and is all set to grow very rapidly in India over the coming years. At present, the online grocery store processes close to 900 deliveries on a daily basis in the city of Mumbai. With about 98% punctuality in order fulfilment, the average size LocalBanya’s basket is of Rs.1400.
The first player to enter the online grocery market in Mumbai, LocalBanya has as database of over 1 lakh customers. While grocery items and staples are the most sold items by this online store, it also sells dairy products, veggies, fruits and household supplies.
Online grocery retail industry is one of the emerging markets in India. Though initially this area did not attract decent amount of Venture Capital, things have changed since Peppertap, BigBasket, ZopNow etc. have entered the market. The amount of venture backing online grocery stores are receiving reflects the increasing trust and interest of investors in grocery e-commerce space.