">

Zapmart to Raise $10 Million from First Round of Funding

153
SHARES
1.9k
VIEWS
">
Mumbai based online grocery startup
Zapmart is all set to raise $10 Million in its first round of funding from
investors.

Zapmart which is a self-funded startup
by Parvez Siddiqui has got a seed funding of Rs.3 Crore, which was led by two
businessmen from the real estate sector.



“The seed funding will be used to
strengthen our technology backbone and logistics within Mumbai,” said
Parvez Siddiqui, founder of Zapmart.

Zapmart is also keen to raise $10
million from its Series A round of funding, in which they are in talks with few
angel investors and are looking out for large venture capital funds.

“The Series A funds will be utilized
for geographic expansion in Maharashtra and especially in Pune within this
year. Another main usage of the funds will be utilized for turning kitchens
into smart kitchens where our technical team is working towards a new
innovative idea for the benefits of the consumer. Our aim is to expand Zapmart
in cities like Delhi, Bangalore, Kolkata, Ahmedabad, Jaipur and capture the
tier II cities as well, in the next 3 to 4 years. We are on path of following
our business policy of controlled expansion with eye on profits through
operational excellence resulting in high customer satisfaction. Also we are
following deeper penetration which will help us to stabilize in each region we
enter,” said Mr. Siddiqui.

The company is all set to launch its 2
new sub-stations within the city known as Zap-Station which will help the
logistic team to deliver in lesser time to the consumer to ensure the product
ordered remains fresh and in good condition.

Zapmart offers a wide range of over
5,000 daily usage products and has a customer base of more than 6,000 to 7,000
in Mumbai.

(Source: PTI)

TECHXLR8 Asia