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ZopNow raises $10 million from Dragoneer and existing investors

zopnow

Online grocery delivery portal ZopNow has raised $10 million in a round of funding led by Dragoneer Investment Group, with participation from existing investors Accel Partners, Times Internet* and Qualcomm Ventures, reports ET Tech. The platform will use the funds to expand to 15 cities, invest in technology and for hiring.

As of now, ZopNow is available to users in Bangalore, Navi Mumbai, Hyderabad and Pune. The platform offers various items under the categories home, kitchen, cleaning, bathroom, refrigerator, bedroom, office and pets. This includes fruits, vegetables, pulses, baby supplies, pet food, stationery, kids toys and car care products. ZopNow claims it delivers within 3 hours from the time of order, with free home delivery on all orders.

When orders are dispatched, customers are sent an email and SMS that contain a link to track the exact location of the order. Orders can be paid for by cash on delivery, credit card or debit card. Interestingly ZopNow mentions that it pivoted from managing its own inventory to sourcing from the supermarket chain HyperCity. Once customers place an order, goods are packed and dispatched from the store.

According to ZopNow this helps it scale to various cities at a much lower cost. The company is currently in talks with various other offline retailers to implement a similar model. It mentions that it will also tie up with retailers for other categories like electronics, footwear and apparel. Note, however, that competition in the online grocery delivery is heating up with various players raising funds or launching this year.

Competition:

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– Earlier today, hyperlocal e-grocery retailer Grofers said it acquired the mobile grocery My Green Box for an undisclosed amount. Grofers had raised series A funding of $10 million led by Tiger Global Management and Sequoia Capital in February this year. In December last year, the startup had raised an undisclosed amount of seed funding from Sequoia Capital and Zomato founder Deepinder Goyal.

– Last month, Amazon launched an express delivery platform called KiranaNow to make everyday consumer products available to its users in Bangalore last month. The same month, Karnataka’s HOPCOMS announced they would sell fruits and vegetables online by this month or the next.

– In February, PepperTap raised an undisclosed amount in seed funding from Sequoia Capital, while FreshWorld raised an undisclosed amount of investment from Infosys co-founder Kris Gopalakrishnan.

– The same month, Mumbai-based startup incubation platform AntFarm was to be merged with Meals on Wheels with its yet-to-be-launched grocery and essential products ordering platform Scootsy, in February.

– In January, Mumbai based online grocery store LocalBanya secured an undisclosed amount in Series A funding from a real estate development group Karmvir Avant Group. The platform then expanded to Hyderabad earlier this month, after launching operations in Pune in February.

– The same month, SRS Group forayed into e-commerce with the launch of its grocery vertical website, SRSgrocery.com in January. It currently caters to users in Gurgaon, Noida and Faridabad.

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– Bangalore-based Delyver.com, which raised over Rs 6.5 crore from an unnamed VC fund in the city last December, connects offline retailers with customers in the neighbourhood and plans to expand to 20 cities this year.

– In November last year, Reliance Industries retail arm Reliance Retail launched an e-commerce store called RelianceFreshDirect.com to delivery grocery products in some neighborhoods of Mumbai.

– In September last year, discount coupon website Mydala.com had launched a grocery vertical for its website and mobile app. The website claimed that the service would allow shoppers to view offers on grocery items from local kirana stores.

– The same month, Bangalore-based online grocery retailer BigBasket raised Rs 200 crore investment in a round led by Helion Ventures and Zodius Capital and participation from existing investors Ascent Capital and LionRock Capital. The company had also raised $3 million from a Singapore-based private investor in April last year.

– Mumbai-based online grocery store EkStop had raised an undisclosed amount in funding from Unilazer Ventures, UTV founder Ronnie Screwvala’s investment company, in January last year.

*Disclaimer: Times Internet’s music streaming service Gaana.com is an advertiser with MediaNama

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Corrigendum: The investor name Dragoneer Investment Group was spelled wrongly

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