Town Essentials secures Rs 6.7 crore fresh angel funding
BENGALURU: Town Essentials, a Bengaluru based full-service grocer that supplies to both institutions and consumers, has raised $1 million (about Rs 6.7 crore) in a fresh round of angel funding from a clutch of high-net-worth individuals. With this fundraising, the total amount put in by angel investors in the company till date has risen to Rs 12 crore.
The participants in this round included 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 investors will be part of the company’s governing council.
The company, which gets about 200 orders a day in Bengaluru, plans to use the funds for marketing activities aimed at customer acquisition. “We will make our basket of private labels stronger by adding new products, improve back-end manufacturing and spend on advertising,” said Amar Murthy, founder and CEO of Town Essentials, which has staff strength of 120 at present.
The company has launched a new platform called Morning Drop that will focus on subscription-based products such as milk, bread and eggs. Alongside, it plans to ramp up customer base to about 10,000 and launch a mobile app for customers to order from. “Town Essential’s founders understand Indian consumers well and what they want. They have a lot of grit,” Siddharth Patil said.
Read full article: Economic Times
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