Satvacart raises seed funding from Palaash Ventures

GURGAON, INDIA: Satvacart has announced that it has closed seed round from Palaash Ventures and a few angel investors including ex-managing director of a leading PE fund.

The company also confirmed that it has brought on board 3 advisors, Arvind Gupta - Head, Digital India Foundation, Vijay Shukla, Managing Partner, Setu Ventures and Pushpinder Singh, Founder, TravelKhana.

Satvacart plans to use funds for scaling up operations, customer acquisition, building a formidable team to augment technology and support growth and developing a replicable business model.

Launched in January 2015, Satvacart is a Gurgaon based online grocery store that offers a carefully selected assortment of over 4000 products across categories such as grocery, fruits and vegetables, personal care, household essentials and baby care.

Satvacart offers delivery across 5 different time slots to enable busy professionals purchase all their grocery supplies during the weekdays, so that they can save their weekends from standing in long queues and surfing grocery aisles. Orders can be made either through website or the Android mobile app.

The company has deployed deep analytics to learn its customers’ buying behavior with a goal of ensuring that regular customers are able to shop and check out in under 5 minutes.

“We have seen more than 100% MoM growth in the past 6 months. We believe we are at the right juncture and at the right time to make the most of the opportunity in eGrocery. With an agile management team of 4, we have been able to take the business into triple digit orders, with limited marketing and focus around profitability. The seed fund that we have closed is a validation of our vision and operational capabilities,"said Rahul Hari, founder and CEO, Satvacart.