Town Essentials, Bangalore-based grocery eCommerce firm, has raised $1 million (Rs. 6.7 crore) in angel funding from a clutch of HNIs. The investors who participated in this round include Infosys’ first non-founder employee Sharad Hegde as the lead investor; former Workday executive Girish Reddy; Siddharth Patil, head of data science at the TellApart division at Twitter; and existing investor Shrikant Patil.
The firm had recently launched a new platform called Morning Drop focused on subscription-based product delivery of everyday grocery items like milk, egg etc.
As per an ET report, the investors will join the company’s board The raised funding will be used for marketing activities aimed at customer acquisition. Also, it plans to increase its customer base to about 10,000 and launch a mobile app.
Founded in 2003 by Amar Krishnamurthy, Town Essentials gets about 200 orders a day in Bangalore. It is a vegetarian local e-grocer specializing in fresh fruits, vegetables, regional ingredients and artisanal goods. The company aims to help discover and share the best of what India’s farms and kitchens have to offer.
Till date, it has raised about $1.8 million (Rs.12 crore) including this round. The company competes with players like BigBasket, ZopNow and MyGrahak among others.