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2013-07-24

Online grocery retailer raises funding from BCCL\'s Springboard fund

LocalBanya.com, an online grocery supermarket based in Mumbai has raised an undisclosed but reportedly substantial investment as part of BCCL\'s Springboard fund. Springboard focuses on asset-light businesses that are advertising dependant in nature, through significant equity participation by the Times Group (BCCL).

LocalBanya.com, an online grocery supermarket based in Mumbai has raised an undisclosed but reportedly substantial investment as part of BCCL's Springboard fund. Springboard focuses on asset-light businesses that are advertising dependant in nature, through significant equity participation by the Times Group (BCCL).

 

BCCL through Springboard have been actively seeking to partner companies who show the potential of becoming market leaders. LocalBanya was selected after a rigorous screening process over a period of several months.

 

The selection was based on a thorough assessment of LocalBanya’s core processes, the commitment of their team, the traction they have already achieved, and the vision they have for growth and expansion.

 

The company has already achieved significant traction with over 8,000 registered users, and it serves about 200 orders every day.

 

In the first quarter of 2013, the company crossed Rs 10 million in revenues.

 

LocalBanya currently focuses on Mumbai city, and delivers end-to-end within municipal limits from 9 a.m. up to midnight. It has its own delivery teams and retains direct control over logistics with its own dedicated fleet.

 

Rashi Choudhary, one of the promoter-directors of LocalBanya, said, “The household retailing market in India is estimated to be over $500 billion, and approximately 70% of that is just groceries. Only about 6-8% of this is in the organized sector, and in this the share of online grocery sites is negligible. So it is a typical 'no-one-wears-shoes-here' scenario which offers huge possibilities of growth for brave and innovative entrepreneurs. We think we can quickly become, and then continue to be, leaders in this space.”

 

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