Investments, News

Mumbai based LocalBanya raises Series A funding

local banya

LocalBanya, an online convenience store, has raised undisclosed amount in Series A funding from Karmvir Avant Group, a real estate development group based out of Mumbai. The team plans to utilize the raised funds in scaling up its operations, hiring and increasing marketing efforts.

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. There are more than 8000+ products listed for customers to choose from and it claims to help the shoppers save 3-40% with every purchase.

Here are some trends showcasing the trends in online grocery buying behavior at LocalBanya:

1. A sizeable 2.1% of transactions are done by NRIs to have groceries delivered home to their kin in Mumbai.

2. 59% of the transactions on the site are done by women.

3. 29% of the business for the startup comes from channels such as restaurants, corporates, cooperative societies.

4. A considerable 11% of LocalBanya’s deliveries are done in the 10:00 PM to 12:00 PM time-slot.

5. Senior citizens are a sizeable 14% of the customer base due to the convenience of online retail.

6. Internationally online grocery retail is growing nearly 7 times faster than on-ground formats.

As per Rashi Choudhary, Co-founder, LocalBanya, the company’s sales and user base has been rapidly increasing month on month and will start moving to additional metros very soon. This resonates with LocalBanya’s entry into Thane and Navi Mumbai by mid-January and its presence in at least 2 more cities by mid-2014.

Previously, the company has also raised some amount in mid 2013 from BCCL’S Springboard fund. The website currently process around 400 deliveries every day with a team of over 100 employees.

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