Singapore-based angel investing group CCube Angels has agreed to buy a minority stake in Omnipresent Retail India, which runs online retail portal edabba.com. CCube will invest Rs 4.5 crore in the Delhi-based start-up, as per a report by Economic Times Online.
"Neither brick nor click alone can service the aspiring customers of 'Bharat' satisfactorily," Manoj Kumar, cofounder and chief executive, Omnipresent, told ET.com. Kumar, formerly the head of electronic retail at Future Group, teamed up with his colleague Saurabh B Chadha to launch edabba in 2011.
edabba's model hinges on collaborating with local shops in its target markets as well as a strong back-end technology platform and supply chain. The company will use the latest round of funding to expand its contact centres to over 1,000 in the next six months.
Between 2009 and 2012, spending in rural India reached $69 billion (Rs 4.2 lakh crore) compared with $55 billion (Rs 3.3 lakh crore) spent by urban India, according to a report by Accenture.