Doodhwala Secures $2.2 Million in a Round of Seed Funding by
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Doodhwala Secures $2.2 Million in a Round of Seed Funding by Omnivore
BANGALORE, February 23, 2018/PRNewswire/ -- The subscription-based e-grocery startup is revolutionizing the fresh grocery segment
Doodhwala, a micro delivery service for fresh groceries has received a seed investment of $2.2 million by Omnivore, a venture capitalist firm, for a minority stake in the company. The hyperlocal delivery platform, Doodhwala, is a subscription-based, early-morning delivery platform for all farm fresh groceries sourced directly from local farms and dairies.
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"Doodhwala with its unique model has had a tremendous momentum, becoming a well-known brand for fresh milk and grocery delivery in Bengaluru and Pune. We are evolving into the finest delivery service option for customers seeking freshness, convenience and specialty products," said Aakash Agarwal, Co-Founder, Doodhwala.
"Doodhwala's unique business structure benefits customers, dairies and supermarkets. It makes farm-to-fork viable by taking over sales, marketing, logistics, and fulfilment for producers. Additionally, we are expected to scale easily due to our capital effective model, paired with the high demand for milk, and a need for regulated milk supply," continued Aakash.
Commenting on the transaction, Jinesh Shah, Founding Partner, Omnivore said, "The lean operating model, and the direct sourcing relationships that have been built, made this company stand out amongst competitors."
Doodhwala offers users a wide selection of adhoc everything from fresh dairy milk, meat, vegetables, fruits to shelf stable items delivered to their door before 7 AM every day. Users get the convenience of ordering on subscription basis which helps in frequent and easy purchases.
"Our unit economics are exceptionally strong. By lowering our delivery cost to Rs. 3, Doodhwala is uniquely positioned in a market where other players are struggling. We have done a great job of maintaining a steady month-on-month growth rate while scoring a 85% plus customer retention," said Ebrahim Akbari, Co-founder, Doodhwala.
Currently operating in Bangalore and Pune, Doodhwala has over 4 lakh month deliveries. The new financing will go towards expanding Doodhwala's service into new markets, funding talent acquisition and upgrading technology.
Reihem Roy, Principal, Omnivore will join the board. The new funding comes less than a year after the company raised an undisclosed amount in another Pre-Series A funding from Thomas Varkey, a partner at Stonehill Capital, USA.
Doodhwala is a micro-delivery service for fresh groceries working directly with farms and dairies to ensure delivery of fresh groceries which have a short shelf life but high consumption pattern.
The startup offers a variety of milk, dairy, groceries, fresh poultry, veggies, fruits and household essentials at MRP. Doodhwala shoppers set a subscription schedule and receive their groceries for the day promptly before 7 AM.
Founded in 2015 by Aakash Agarwal and Ebrahim Akbari, Doodhwala, is present in Bengaluru and Pune.
For more details, visit http://www.doodhwala.net
Omnivore is an impact venture fund that invests in Indian startups developing breakthrough technologies for food, agriculture, and the rural economy. For further information on Omnivore, please visit: http://www.omnivore.vc
Media Contact: Nazneen Daud Doodhwala [email protected] +91-7838742138 Banger Tech Pvt Ltd
Source: Doodhwala PRNewswire OSS
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