In developments related to hyperlocal delivery startups, Milkbasket raises $500,000 while Mumbai-based entrepreneur Sandiip Modi acquires Jaipur-based on-demand service firm Street Jumper.
Milkbasket raises $500k led by EVC Ventures
Micro-delivery grocery startup Milkbasket, has raised $500,000 in a pre-Series A funding round led by venture capital firm EVC Ventures, with participation from Chinese investors Peter Zou, CEO of YeahMobi, and Li Jian, founder of Zhu Dao Investments.
Snapdeal executives Vikas Banga and Manav Kamboj also participated in the round.
The Gurgaon-based startup plans to use the funds to expand its core team, enhance technology and improve on its logistics network.
The company said that it would focus on establishing itself in Gurgaon before expanding to other geographies. It also is expanding its offering portfolio with an aim to cover all daily needs of customers. Over the next 6 months, Milkbasket aims to grow to a 250-strong organization with 80 per cent workforce in logistics and serving over 15,000 orders a day across more than 100 clusters in Gurgaon.
At present it operates in 15 clusters in Gurgaon with each cluster having 500 users. The startup initially delivered only milk but now offers about 3,000 products through a hybrid inventory model.
Mumbai-based entrepreneur Sandiip Modi acquires Street Jumper
Mumbai-based entrepreneur Sandiip Modi has acquired Jaipur-based on-demand hyperlocal delivery service startup, Street Jumper, for an undisclosed amount in an all-cash deal.
As a result of the acquisition, the founders of the company, Tarin Podar and Abhishek Chandra, will exit and will no longer be associated with it.
Street Jumper, was an on-demand logistics network that offered personalised delivery service through a delivery boy or jumper to the consumers.
The startup, which was bootstrapped and was in talks to raise Series A round of funding, according to Tarin Podar. The acquisition will enable the company to expand its operations to other cities other than Jaipur, where is currently operates.
Podar claims that the company was processing close to 250 orders per day in Jaipur at the time of acquisition.