SUMMARY
Abhijeet Kumar and Munendra Singh- cofounders of RainCan which was acquired by BigBasket and later rebranded as BBdaily have exited
Both Kumar and Singh will be starting a new startup which will help other startups digitise
The startup will also create a pool of funds to invest in startups they are working with
The cofounders of RainCan, a daily essential subscription based startup which was rebranded as BBdaily after its acquisition by BigBasket- have exited the company. As per Inc42 sources, both the cofounders of RainCan – Abhijeet Kumar and Munendra Singh have left BBdaily to start their new venture.
Sources aware of the deal have informed Inc42 that both Kumar and Singh will be starting a new startup which will help other startups digitise. “They will be working closely with startups in their APP and product development journey. The new venture will be building products which will help startups rollout new features and apps faster,” a person requesting anonymity said.
The startup will also create a pool of funds to invest in startups they are working with. For the time being both Kumar and Singh will be managing the finances from their own funds, however, eventually intend to raise their Series A.
Both Kumar and Singh didn’t respond to the queries sent by Inc42.
Founded in June 2015 by Munendra Singh and Abhijeet Kumar, RainCan was a Pune-based subscription-based service provider delivering dairy, meat, bakery, fruits, and vegetables.
The startup was backed by angel investors including Prabodh Agarwal of IIFL Holdings Ltd Group, Aniruddha Malpani, Ajeet Khurana and Nikunj Shah.
In 2018, Tata-backed BigBasket acquired 100% stake in RainCan and rebranded it to BBdaily to strengthen its hyper-local delivery. BigBasket’s acquisition helped RainCan to take its operations to different cities.
Earlier this year, SoftBank-backed Grofers, another major grocery delivery platform, saw one of its cofounders Saurabh Kumar exit to start his new venture Warpli. In September this year, Swiggy, a major food delivery aggregator which is going full throttle in quick commerce delivery with Instamart, saw the exit of Puneet Kumar, founder of Supr Daily.
Swiggy acquired Mumbai-based milk delivery startup Supr Daily in an all cash deal in 2018. Founded in 2015 by Kumar and Shreyas Nagdawane, Mumbai-based Supr Daily is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, coconut water etc. to its users every morning.
The newly elevated cofounder of Swiggy Phani Kishan took over the role of CEO of Supr Daily.
