Ecommerce, Investments, News

Mumbai based Localbanya raises funds from BCCL’s Springboard

Mumbai based online supermarket LocalBanya has raised an undisclosed amount of funding from a part of BCCL’S Springboard fund, reports Yourstory.

LocalBanya was selected by BCCL after a screening process led by Springboard. The assessment was made on the basis of LocalBanya’s core processes, team, traction and its vision.

The startup was founded in May last year, aiming to make grocery shopping easy for the people. It offers categories including fruits, vegetables, groceries, personal care, household detergents, kitchenware, and more.

Currently, LocalBanya is focused at Mumbai city only, but plans to expand operations to Pune and Delhi as well.

It delivers products within municipal limits from 9 a.m. up to midnight with its own delivery teams and have direct control over logistics.

There are more than 8000+ products listed for customers to choose from. As per reports, it serves about 200 orders every day and in the first quarter 0f 2013,  it crossed INR 10 million in revenues. It claims to help the shoppers to save 3-40% with every purchase.

It was co-founded by Karan Mehrotra, Amit Naik and Rashi Choudhary.

Few other players dealing in the same space include ZopNow,, MyGrahak, and many more. Bigbasket had raised USD 10 mn from Ascent Capital last year.

Brand Capital Springboard funds the entrepreneurs’ brand creation needs through significant equity participation by the Times Group (BCCL). Brand Capital which was launched 6 years back, has helped in accelerating growth of over 400 companies till now. Few of its portfolio companies include Future Value Retail Limited, DLF Brands, Indiamart, Infibeam, etc.

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