INDIA – Doodhwala, a micro delivery service for fresh groceries, said it has received a seed investment of $2.2 million by Omnivore, a venture capitalist firm, for a minority stake in the company.
The new financing will go towards expanding Doodhwala’s service into new markets, funding talent acquisition and upgrading technology, the company said in a release.
It also said Reihem Roy, Principal, Omnivore will join the board.
The “hyperlocal delivery platform”, Doodhwala, is a subscription-based, early-morning delivery platform for all farm fresh groceries sourced directly from local farms and dairies.
The company said it offers users a wide selection of ad hoc everything from fresh dairy milk, meat, vegetables, fruits to shelf stable items delivered to their door before 7 am every day.
“Our unit economics are exceptionally strong. By lowering our delivery cost to Rs 3, Doodhwala is uniquely positioned in a market where other players are struggling.
We have done a great job of maintaining a steady month-on-month growth rate while scoring an 85 per cent plus customer retention,” Doodhwala Co-Founder Ebrahim Akbari said.
Currently operating in Bengaluru and Pune, Doodhwala has over 4 lakh month deliveries. The new funding comes less than a year after the company raised an undisclosed amount in another Pre Series A funding from Thomas Varkey, a partner at Stonehill Capital, USA.