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2015-03-10

Online grocer Localbanya.com expands in Pune; bags funding from Shrem Strategies

The company which delivers groceries and household needs to customers' doorsteps is now looking to take the brand to other major metros in the coming three months.

Mumbai based online grocer Localbanya announced its expansion into Pune on the back of a new round of funding received from Shrem Strategies in late 2014. Having started test runs in Pune since the beginning of February, Localbanya commenced full operations effective February 20th. Customers will be able to enjoy the same convenience offered to Mumbai users including same day delivery.

The company which delivers groceries and household needs to customers' doorsteps is now looking to take the brand to other major metros in the coming three months and starting operations in Pune is the first step in this process.

"The launch of our services in Pune coupled with a fresh round of funding, sets us on our way to the next phase of our vision - taking brand Localbanya to as many Indian households as possible. We have gained a lot of experience here in Mumbai and feel this is the right time to expand our operations. If all goes well, we hope to be in 4-5 additional metros very shortly," says Localbanya Co-founder Rashi Choudhary.

The recent round of funding from Shrem Strategies comes on the heels of 2 earlier rounds from BCCL's Springboard Fund and Karmvir Avant InfotechPvt Ltd, said NitanChatwal, Promoter, Shrem Strategies.

"Localbanya is one of the established players in the online grocery segment in Mumbai having been in operation for close to three years. They have put in place an aggressive expansion plan for 2015 to take the brand across India. The online grocery market is set to grow very rapidly in India over the coming years and we felt now is a good time to get in. Making a great investment decision involves various factors of which potential scale and timing are key. We felt these 2 crucial factors are perfect right now and it falls in line with our investment philosophy. The Localbanya team has done a fantastic job so far and we want to be part of their journey."

Localbanya was the first player to enter the online grocery market in Mumbai back in 2012. The brand and mascot have been very well received, which is reflected by their database of over 1 lakh customers. A robust print advertising campaign has taken the brand to virtually every Mumbai household. The firm was the first to develop multiple innovative ideas such as offering deliveries up to 11:30 pm. Localbanya currently lists over 14,000 products on its website and does 850 - 900 deliveries a day in Mumbai, with an average cart value of Rs 1400 per order. 

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