Dropshop Raises Funding Rs 9.3 Cr Round Led By Inflection Point Ventures
- ByStartupStory | June 14, 2021
FMCG brands distribution platform Dropshop raises funding of Rs 9.3 crore in a pre-Series A round led by Inflection Point Ventures. The round also saw participation from existing investors, Axilor Ventures and the Chennai Angels, with 42.vc joining the round via AngelList as announced by the Startup on Monday. Dropshop raises funding to strengthen the product and scale up operations for handling more FMCG brands and enter new markets like Chennai and Hyderabad.
Udit Dhawan, Founder and CEO, Dropshop, said, regarding Dropshop raising funding, “As one of the largest sectors in India, FMCG is still run over the backs of thousands of traditional distributors. We have been working with several large and small FMCG companies in streamlining their last mile distribution with technology for over a year now, and enabling them to reach their market potential.”
Further, Mitesh Shah, Co-Founder, Inflection Point Ventures said about the investment in Dropshop, “FMCG companies are often faced with a critical issue of increasing margins without burdening their customers. Traditionally, they have adopted the approach of building distribution and last-mile network in-house. Given the geography of India, it is not viable business wise to create an expensive distribution network across the country.”
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