Bengaluru based online grocery startup ZopNow has raised $10 million (Rs. 62 crores) to expand to more cities in India. The investment was led by San Francisco, California-based Dragoneer Investment Group, with participation from existing investors Accel Partners, QualComm Ventures and Times Internet.
According to a report by TOI, the company is valued at $50 million. The company is competing with other online grocery startups like BigBasket, LocalBaniya etc. and even the online marketplaces like Snapdeal, Amazon and Flipkart which have entered this segment.
The company has a tie up with supermarket chain Hypercity for sourcing supplies, and thus enabling hyper local deliveries for quicker order fulfillment. Since it is not keeping any inventory of its own, it is eliminating the problems that comes with stocking products with limited shelf life. The startup aims to use the same model to scale up and expand to other verticals as well.