Bengaluru-based online grocery store, Bucketkart has raised $150,000 in its seed round of funding from HNIs. The startup currently serves to 4000+ customers (repetitive customers) and plans for expansion to 2 new cities in the month of October and 3 more cities in the month of November, Archana Pawar Saxena, CO-Founder & COO, Bucketkart told iamwire. The firm is also planning to close the deal of $1 million very soon.
The company takes orders only through its website at the moment, with Android and iOS apps under development at the moment. It was founded by Santosh Tyagi, CEO (NIE Mysore Alumni), Archana Pawar Saxena, COO (HBTI Kanpur Alumni) and Bishal Kumar, Head of Business Development (BHU & NITK Surathkal) in October 2014, with services going live in March-2015. At present the startup is doing an average 150 transaction per day.
The startup is competing with several well-funded grocery players like BigBasket, Zopnow, AaramShop, and Peppertap. The share of BigBasket has been the largest among the other online grocery businesses, followed by Zopnow, being the second largest player to be able to capture a large customer base in Bangalore, as reported by Ken Research.
According to a recent report by Retail consultancy Technopak, online grocery delivery industry is estimated to be less than $100 million at present, but is expected to cross $25 billion by 2020, expected to grow at a rate of 25-30 per cent year-on-year in major Indian cities. Online marketplaces like Amazon, Flipkart and Snapdeal are also have also joined the segment. And looking at the potential that this industry holds, it will be exciting to see the cut throat competition among the established players of this segment against the newbies.
One more funded grocery startup LocalBanya recently halted its operations temporarily due to undefined reasons. With the increased competition can we now expect even the seasoned players to shut down? Or possibly get acquired by one of the bigger marketplaces to consolidate the space?Category Investments News