ASIA – The Indian online milk and grocery delivery platform, DailyNinja has secured an undisclosed amount of funding from the venture capital firm, Matrix Partners India with participation from existing investors- Sequoia India and Saama Capital.
According to Times of India, the funds will be used to further strengthen DailyNinja’s presence in the daily essentials space, by expanding to new cities beyond Bengaluru, Hyderabad and Chennai.
The round of funding will also be used to accelerate growth, expand footprint and hire talent even as the company looks to reach 1,000,000 daily transactions in the next six months.
“We want to grow as fast as we can and have the maximum number of customers on our platform,” said Sagar Yarnalkar, chief executive of DailyNinja.
“We also want to expand our team and hire talent for operations and tech.”
DailyNinja was founded in July 2015 by Yarnalkar and Anurag Gupta, operates in Bengaluru, Hyderabad and Chennai and today has daily volumes of 35,000.
The hyperlocal delivery service raised US$3 million in funding in June from Saama Capital and Sequoia to expand its business across the cities it operates in.
It had initially secured US$1.5 million in a round from Sequoia Capital in October 2017 and the series of funding aims to increase their deliveries, scale while ensuring better experience for customers.
the company competes with the likes of Milkbasket which focuses on subscription-based early morning delivery of daily essentials to their users.
DailyNinja is Matrix’s second investment in the hyperlocal delivery space, with the first one being TinyOwl.
Speaking on the investment, Gourav Bhattacharya, director at Matrix India said: “Daily consumption of milk is an India-specific habit.
DailyNinja has been able to leverage this habit to create a pipeline to customers’ homes, and has built an attractive business on top of this distribution channel.
Their unique hybrid approach of using the existing milk delivery system as well as their own in-house delivery fleet has enabled them to outpace competition.”