Showing promise in the online grocery delivery market Satvacart raises funding
- ByStartupStory | December 4, 2021
Online grocery delivery company Satvacart closed its Pre Series A round of funding today.
Angel Investors including Kuldeep Puri, a senior executive at Hitachi Energy, UAE, Shailendra Kumar, a senior executive at ABB, UAE, and Siddhartha Garg from Google UK, Madhu Sudana Rao Kalagarla, a senior executive at Adani Group and Srinivas Kotta, another senior executive from Adobe participated in the round.
Founded in 2014 by Deepika and Rahul Saxena, Gurugram-based Satvacart delivers groceries and other essentials to customers. According to the startup, it reached ‘complete cash breakeven in 2020’ and is now working on expanding its business to reach 13 cities in the next 24 months, with a target GMV of $1 Bn and a 10% EBIT.
Talking about the recent surge in quick commerce startups, Satvacart Co-founder and CTO Deepika Saxena said: “We have always been working towards adapting Domino’s type global scalability to the traditional profit-generating Kirana.
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