Unitus Seed Fund along with Times Internet has invested in a follow-on round of capital for its portfolio company JiffStore. The startup is a mobile-first hyperlocal grocery delivery marketplace which provides a platform that enables its users to shop from their local grocery stores.
The raised amount will be used to expand the company’s network of stores, for marketing, acquiring talent and to improve the technology to provide better customer experience.
JiffStore has been a part of Unitus Seed Fund’s portfolio since May 2014 when it raised its first round of seed funding undisclosed amount for developing its technology platform and expand its customer base of small shops.
The Bangalore-based startup currently is clocking 6,000 transactions a month. And as the company claims, it has achieved the target of 200 transactions per day. In near future the startup plans to expand its operations to tier I cities like Mumbai, Hyderabad and Delhi. Presently it is available in over 110 locations in Bangalore.
The startup was founded in June 2013 by Shameel Abdulla, Aswin Ram, Satish Basavaraj and Sandeep Sreenath. It was initially incubated by by Kochi-based Startup Village, before being picked by Times Internet’s TLabs for its latest batch.
India is now witnessing a new era of O2O (Offline to Online) commerce, with the grocery industry in particular, rapidly integrating the digital and physical world. With most of the offline businesses integrating with the online models, eCommerce boom in the country may just prove to be a boon for traditional brick-and-mortar retailers.