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Online fruits & vegetable store Greencart.in secures $1.5M funding

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Mumbai-based online fresh fruits & vegetable shop Greencart.in has raised $1.5 million in angel funding from Techno Group which has interests in agriculture businesses, hospitality, construction, real estate development and financial services among others.

The company will be using the investment raised to expand its operations, strengthen its distribution channels and improve its sourcing network.

Launched in 2013 by Rajiv Tevtiya, Kiran Tevtiya and Devidas Mule, Greencart offer farm fresh fruits and vegetables like mango, apple, berries, green leafy vegetables, beans and sprouts, among others. It also offers exotic fruits and vegetables like red cherries, blueberries, kumquat nagamis, avocado, soursop, basil and lemon grass.

Besides this, it offers gourmet food products like groceries, bakery items, snacks, beverages, confectioneries and ready-to-eat products. It claims to currently offer more than 1,500 products across more than 30 categories. Its service is currently operational in Mumbai, Navi Mumbai and Thane.

Investments in online groceries segment

– In January, another Mumbai-based online grocery store LocalBanya had secured undisclosed Series A funding from a real estate development group Karmvir Avant Group. Prior to this, it had raised investment from BCCL’s Springboard fund last July.

–  In the same month, Ekstop had also raised investment from Ronnie Screwvala’s Unilazer Ventures in return for 25% stake.

– Bangalore-based BigBasket had raised $10 million from Ascent Capital in March 2012 and is reportedly in talks to raise a new Series B investment of $40 million-$50 million in the next three-four months.

Besides this, there’s Bangalore-based ZopNow which has investors like Times Internet, Accel Partners and Qualcomm Ventures and Delhi-based AaramShop which offers online grocery shopping by tying up with mom-and-pop grocery stores for orders.

Online and telephone business listings service JustDial had also introduced grocery shopping as part of its search plus services last December while HomeShop18 had introduced a food and groceries category last July, which focuses on packaged non-perishable food products.

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