On-demand delivery portal UrDoorStep has raised about $1.4 Mn (INR 10 Cr) in a bridge round. The round saw an undisclosed HNI investing about $733K (INR 5 Cr) and an equal amount coming in as debt from Lakshmi Vilas Bank.
Talking about the funding, Dinesh Malpani, founder of UrDoorstep said, “With the current round, we will be expanding to new pin codes in the city. We are eyeing EBITDA breakeven by the first quarter of 2017-18. We are doing this by managing the cost of customer acquisition and logistics.”
Bengaluru-based UrDoorStep was founded in October 2015 by Dinesh Malpani – an IBS Hyderabad alumni. It delivers groceries, kitchen appliances, furniture, and apparels. The platform claims that it sources produce from 9,000 farmers across India, depending on seasonal variations, and serves 60-70 pin codes only in Bengaluru, at present.
Earlier in July 2016, UrDoorStep raised a bridge round of funding of $447K (INR 3 Cr) led by CP Murali, former President and COO of Aricent Technologies.
According to retail advisory firm Technopak, the food and grocery industry in India is worth $383 Bn and is expected to touch $1 Tn by 2020. In October 2016, Gurugram-based online grocery retailer, Satvacart raised an undisclosed amount of funding in its third angel round from serial entrepreneur Nimit Panigrahi. Recently, the startups that have grabbed funding in the online grocery space include BigBasket ($150 Mn), Zopper ($20 Mn, Series B), ShadowFax ($8.5 Mn, Series A), NinjaCart ($3 Mn), and ZopNow ($10 Mn).
The development was reported by ET.