Led by Inflection Point Ventures, the bridge funding round also saw participation from existing investors as well as Bandana Kankani
The startup will use the capital to further drive growth of its platform in the Bengaluru city
As part of its future plans, Dusminute plans to expand its operations to seven to eight 'top' new cities across the country
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Hyperlocal services platform Dusminute has bagged INR 11.5 Cr as part of a strategic bridge round led by Inflection Point Ventures.
The round also saw participation from multiple existing investors as well as angel investor Bandana Kankani.The startup did not divulge the names of other investors that participated in the round.
Dusminute will use the capital to further drive growth of its platform in the Bengaluru city.
“… This investment will help us to scale up in Bangalore and turn operationally profitable within the coming months. We want to capture a key market like Bangalore, build a profitable business and then enter newer markets in India,” said Dusminute cofounder and chief executive officer (CEO) Apoorva Mishra.
Commenting on the development, Inflection Point Ventures’ senior vice-president Madhukar Bhardwaj said, “It (Dusminute) blends the best of both worlds, of a quick-commerce operator as a quick delivery provider and the convenience and healthy unit economics of a neighbourhood kirana store… We believe such a hybrid model has the potential to emerge as a good alternative to users and will establish itself as a recognisable brand in coming times.”
Founded in 2017 by IIT-alumni Mishra, Ankita Asai, and Nikhil Gupta, Dusminute is a hyperlocal services platform that connects users with a nearby superstore in a gated community. Users on the platform can simply order groceries, vegetables, snacks and medicines, as well as services such as painting and pest control, from the nearby stores in their vicinity.
It claims to partner with developers and resident welfare associations (RWAs) to offer services in a convenient and comprehensive manner, and largely caters to apartment complexes.Prior to this, the startup raised a cumulative $1.4 Mn funding across two rounds in 2021 and 2022.
Going forward, the startup plans to expand its operations to seven to eight ‘top’ new cities across the country.
Dusminute claims to operate a profitable business, and positions itself at affluent residents. The platform currently caters to 35 apartment communities, and has plans to onboard a dozen more apartment buildings soon.
Dusminute operates at the intersection of quick commerce and traditional ecommerce, and competes with players such as Blinkit, Swiggy Instamart, Zepto, among others.
While the space has been plagued by losses, the industry offers a huge addressable market. As smartphone and internet penetration rises, the space is expected to receive a major boost in the coming years.
As per a report, the homegrown quick commerce space is expected to clock a revenue of $1.5 Bn in 2023, and is projected to soar to the $7.88Bn mark by 2027.
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