Mumbai-based online grocery store EkStop has raised an undisclosed amount in funding from Unilazer Ventures, UTV founder Ronnie Screwvala’s investment company. Unilazer, according to media reports, has picked up a 25 per cent stake in EkStop. The stage of funding has not been specified. TechCircle had reported earlier in August last year that the company was in the market to raise a $2.5 million Series A round.
The latest funding round follows an angel round raised in June 2012 from a clutch of investors including Jungle Ventures, Jayesh Parekh, cofounder of Sony Entertainment Television; Deepak Shahdadpuri, head of Beacon India Private Equity Fund; Patrick Turner who runs the entrepreneurship department at INSEAD; Pangea3 CEO Sanjay Kamlani and senior Google and McKinsey executives. The amount raised in the angel round was not disclosed.
EkStop was founded in early 2012 by Sumat Chopra and Shaurya Mehta. Prior to starting EkStop, Chopra spent several several years in the private equity and financial services sectors across firms such as Tata Capital, Morgan Stanley and Goldman Sachs. Mehta earlier did stints at Deloitte Consulting and GE Healthcare. The two founders met and started forming the idea for EkStop while pursuing their MBAs at INSEAD’s Singapore campus.
The company currently offers services only in Mumbai and has partnerships with more than 500 brands for daily essentials such as groceries, household supplies (kitchen and homeware, electrical products), personal care products, healthcare products and stationery. It claims to offer delivery between one and four hours and also offers an option to schedule deliveries at a convenient time. The funding raised from Unilazer will be used to further build out the company’s platform, hire people and increase the company’s presence to more locations.
EkStop competes with other online grocery chains such as BigBasket, AaramShop and LocalBanya.
Image credit: Ekstop
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