Gurgaon based online grocery retailer SatvaCart raised an undisclosed amount of angel funding from Karan Chellani, Partner at Grace Capital Ventures, Abhijit Avasthi and SP Vijay, Founder of Tarento Technologies. Abhijit avasthi, Sri Ramakrishnan, a marketing veteran having 20 years of experience and Sameer Bagul CFO & EVP at Cleartrip.
It is further planning to raised additional funding of $2 million in the next angel round. In July 2015, it raised seed funding from Palaash Ventures followed by funding of $1.8 million in November 2015 from an undisclosed investor.
Abhijit Avasthi one of the investor said,
“Starting from scratch with bare minimal funding, the team has done a great job in focussing on the right metrics. The results are already visible in the market, given most of the heavily funded players are falling apart, whereas, SatvaCart is going strong and planning to expand gradually.”
Satvacart was launched by Rahul Hari in January 2015. It is inspired with a business model of FreshDirect operating in the US. SatvaCart is backed by Palaash Ventures with several angel investors including senior executives from Consulting, Insurance, Investment banking and Hospitality sectors. It claims to sell around 4000 products across categories including fruits & vegetables, grocery, household essentials, personal care and baby care.
Rahul Hari founder of SatvaCart said,
“The induction of these senior and respected industry experts will further fuel SatvaCart’s next round of growth. Having achieved operating level break-even within 14 months of launch following the vertical expansion strategy, we are now targeting full break-even. I am confident that with the knowledge and guidance from these leaders, we are very well positioned to achieve the targets that we have set for ourselves.”
Other startups in the same space also raised funding which includes ShadowFax raised $8.5 million in series A round of funding, Big Basket raised $150 million, NinjaCart raised $3 million, Zooper raised Series B round of funding of $20 million and ZopNow raised $10 million.