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JiffStore secures investment from Unitus Seed Fund & Times Internet

JiffStore app

Mobile-first grocery delivery marketplace JiffStore has raised additional funding from existing investors Unitus Seed Fund and Times Internet. The size of the deal hasn’t been disclosed. The funds will be used to expand the company’s network of stores, for marketing, expanding the team, and improving the technology platform. Bangalore-based JiffStore is also expanding its operations to other cities – Mumbai, Hyderabad and Delhi – though no specific timeline has been mentioned.

JiffStore, which claims to clock about 6000 transactions per month, had raised investment from Unitus Seed Fund in May last year. While the investment size was not disclosed by the company, Unitus Seed Fund typically invests between $50,000 to $150,000 on each company. JiffStore was also part of TLabs’ fourth startup batch in September 2013, and had received Rs 10 lakh funding (for 10% stake).

JiffStore allows customers to place grocery orders from local kirana (grocery) stores through its iOS and Android mobile apps or their website. The company ties up with shops that have their own home delivery model and charges them a subscription-based fee for using Jiffstore’s platform. It’s services are currently available at 120 locations in Bangalore. JiffStore claims to deliver within 2 hours of placing an order.

Funding in online grocery delivery services

– Gurgaon-based PepperTap raised funding worth $10 million from SAIF Partners and Sequoia Capital, in April. The company planned to used the funds to expand to more cities including Bangalore, Pune, Mumbai and Hyderabad by the end of this year. The company had raised seed funding worth $1.2 million from Sequoia in February, which was to be used towards expanding across Delhi NCR, scaling operations, adding over 100 employees, product development and creating online and offline brand visibility.

– ZopNow 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, also in April. The platform planned to 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.

– In February, Grofers secured $10 million funding led by Tiger Global Management, with participation from existing investor Sequoia Capital. The company claims it delivers within 90 minutes in Delhi-NCR, Mumbai and Bangalore. Interestingly, Grofers also offers B2B deliveries for bakeries and other merchants.

– FreshWorld had secured an undisclosed amount of investment from Infosys co-founder Kris Gopalakrishnan, in February. The funds were to be used to scale FreshWorld’s retail network, upgrade its e-carts and technology. FreshWorld operates over 20 customised and battery operated rickshaws going around 12 regions in Bangalore and claims to be selling over 200 kgs of fruits and veggies per rickshaw every day.

– In January, LocalBanya had secured an undisclosed amount funding from a real estate development group Karmvir Avant Group. The platform then expanded Pune, Hyderabad and Delhi. It recently introduced an 120 minutes delivery service called Instabanya in Hyderabad. The company claims to have over 1 lakh registered users and conducts 1500 deliveries every day. Localbanya currently lists close to 14,000 products and offers deliveries up to 11:30 pm. The company claims that an average order size is Rs 1400 (as of March 2015).

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