wordpress blog stats
Connect with us

Hi, what are you looking for?

Godrej Group owned Nature’s Basket acquires online grocer Ekstop.com

Godrej Group’s premium food products retailer Nature’s Basket has acquired Mumbai-based online grocery store Ekstop.com, reports Livemint. The financial details of the deal have not been revealed, though the report pegged deal value to be around Rs 30-40 crore.

The report also mentions that currently Nature’s Basket is working on rebranding and integrating Ekstop.com as its online platform. The Ekstop management team is expected to join Nature’s Basket and the new platform is expected to launch March 15.

Ekstop.com

The Ekstop website currently informs customers that:

We are upgrading our infrastructure and bringing thousands of more products , faster same-day delivery and other exciting services and updates that will amaze our customers. We will be in several more cities this upcoming year of 2015. Ekstop will be ready to serve the customers in an all-new upgraded form shortly. Meanwhile, we sincerely apologize for any disruption in service over the next few days.

Interestingly, Nature’s Basket already allows consumers to shop online. It has 32 physical stores in Mumbai, Pune, Bangalore, Delhi NCR and Hyderabad, and provides home delivery of products bought online in these cities. So, the Ekstop acquisition seems more like an acqui-hire.

Nature's Basket Online Shopping

In January last year, Ekstop had raised an undisclosed amount in funding from Unilazer Ventures, UTV founder Ronnie Screwvala’s investment company. At the time, media reports had suggested that Unilazer had picked up a 25% stake in the company. This followed an undisclosed amount of angel funding 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.

Advertisement. Scroll to continue reading.

Founded in early 2012 by Sumat Chopra and Shaurya Mehta, 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 company had reported a loss of Rs 63.7 lakh in FY-14, and its overall revenue was Rs 3.93 crore.

Earlier this month, it was confirmed that Mahindra Group had acquired baby products e-tailer BabyOye for an undisclosed amount. Mahindra Retail also operates the Mom&Me chain of stores that sells children and maternity products.

Snapdeal partnership: Last month, Nature’s Basket had tied-up with Snapdeal to make available various gourmet products via the e-commerce platform. As of now products over 400 products in various categories including Indian groceries, international groceries, beverages, nuts and dry fruits, confectionery, chocolates and desserts, snacks and dips, spreads and jams from Nature’s Basket are available on Snapdeal.

Other developments

– Last year in November, Reliance Industries’ retail arm Reliance Retail had launched an e-commerce store called RelianceFreshDirect.com to delivery grocery products in some neighborhoods of Mumbai. The platform sells vegetables, fruits, groceries, dairy products, confectionery products, packaged food and personal care products to the residents of Navi Mumbai, South Mumbai and parts of Thane, similar to Ekstop.

– Earlier in April, Tradus.com, which has pivoted to a grocery-only marketplace, had started selling groceries by tying up with local sellers.

Advertisement. Scroll to continue reading.

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

India and US come to terms on how to deal with the equalisation levy in light of the impending Global Tax Deal.

News

Find out how people’s health data is understood to have value and who can benefit from that value.

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ