Online grocery delivery company Satvacart has said it is in advanced discussions for closing a $50 million (Rs 375 crore) funding round from marquee VC funds and family offices.
The Gurugram-based company said it has closed a pre-Series A round of funding.
The round saw participation from angel investors including Kuldeep Puri, a senior executive at Hitachi Energy, UAE; Shailendra Kumar, senior executive at ABB, UAE, and Siddhartha Garg from Google UK, said a statement from Satvacart.
Madhu Sudana Rao Kalagarla, a senior executive at Adani group, and Srinivas Kotta, a senior executive from Adobe also participated in this round.
''It is in advance discussions of closing a $50 million round from marquee VC funds and family offices,'' the statement said. Founded by husband-wife duo Deepika and Rahul, Satvacart caters to a section of Gurugram with Rs 300 crore a month on grocery consumption.
It achieved break-even in 2020 and is now scaling up the business to cater top four cities in the next 18-24 months and the top 13 cities in the next two years. It aims to have a $1 billion gross merchandise value (GMV).
Talking about the recent surge in quick commerce startups, Satvacart Co-founder and CTO Deepika Saxena said:''We have always been working towards adapting Domino’s type global scalability to the traditional profit-generating Kirana.
''As a result, while building up the systems for replicability, we built systems to do pick-up of a standard order of 23 odd products within a time span of 2 minutes. The remaining time is left for deliveries.''
(With inputs from PTI)