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Gurgaon-based grocery delivery startup Satvacart has raised an undisclosed round of seed funding from Palaash Ventures and a clutch of investors. The startup plans to expand across 6 new cities by the end of financial year 2015 along with scaling up operations, customer acquisition and build its technology team.
The company has also brought on board three advisors, including Arvind Gupta, the head of the Digital India Foundation; Vijay Shukla, managing partner of Setu Ventures; and Pushpinder Singh, founder of food startup TravelKhana.
Launched in January 2015, the company was founded by Rahul Hari. It offers 4000 curated products across grocery, fruits and vegetables, personal care, household essentials, and baby care. It offers delivery across five different time slots, and claims to have repeat purchase rates of over 80% coupled with 100% month on month growth in past six months.
With the Indian retail market expected to hit $725 Bn by 2017 as it is currently 6th largest grocery market in the world, a lot of other players have ventured in this space.
AaramShop.com, EkStop.com, BigBasket.com, AtMyDoorSteps.com, MyGrahak.com, ZopNow.com, Omart.in, LocalBanya.com, RationHut.com and SeaToHome.com are some of the online stores retailing groceries. Most of the existing etailers offer their service in metros and major urban centres.
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