VilCart, a Rural commerce startup expects to hit Rs 1,250 Cr in turnover by next FY
- ByStartupStory | March 11, 2022
VilCart, a Rural commerce startup,helps village kirana stores to procure inventory easily, and manage the logistics and supply chains. By the end of the current financial year it expects to hit Rs 1,250 crore in turnover, said Co-founder and CEO Prasanna Kumar in a statement.
The Bengaluru-headquartered startup said that according to the conservative estimates in the next year it will be targeting Rs 1,250 crore in turnover, in the year after that Rs 6,000 crore, and in the next three years Rs 12,000..
The startup is expecting to post an annual run rate of Rs 300 crore for the current financial year.
VilCart is operationally reaching breakeven soon, and is expected to turn a profit thereafter, thanks, largely, to the tight leash it has on expenses, Prasanna added.
VilCart has raised around Rs 375 crore in total till date, from investors including Prashanth Prakash of Accel Partners, and a venture capital fund started by the National Bank for Agriculture, Nabventures Fund and Jyothirmayee, CEO of Hiveminds, Rural Development (NABARD). Early backers of the company includes head of Investments at Vedanta, Anand Banka and Ex-director of EY; Kalit Kapur, AGM of Vendanta; and Founder of Qspiders and Testyantra, Girish.
The startup was founded by Prasanna, and his co-founders, Mahesh Bhat, Rajasekhar, and Amith S Mali in the year 2018. VilCart started business from one district, and has currently expanded rapidly to multiple districts in Karnataka, which includes Mandya, Kolar, and Bengaluru rural.
Nearly 5,000 villages in Karnataka are currently being serviced, and has 45,000 kirana stores on its network. VilCart’s customers are being serviced via its web platform as well as its app, which is accessible via voice and in multiple regional languages easily.
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