Online store for grocery items, Town Essentials has secured $1 Million in an angel round of funding from a group of HNIs. With this round of funding, the startup has raised $1.8 Million (12 crores) as of now. The company is planning to use the funds for its marketing strategy.
Infosys’ first non-founder employee Sharad Hegde has participated in this round of funding as the lead investor, along with former Workday executive Girish Reddy, Siddharth Patil of Twitter and existing investor Shrikant Patil.
According to the report of The Economic Times, the investors are also going to join the board of the company. The eCommerce site will use the fund to strengthen its customer’s base to about 10,000. It is also aiming to launch a mobile app. The company has also launched a platform named Morning Drop for subscription based products like milk, eggs, bread etc.
Town Essentials is a Bangalore based startup, which was founded by Amar Krishnamurthy in 2003. The startup offers various kinds of grocery items, it is specialized in vegetarian foods like fresh fruits, vegetables, artisanal goods and regional ingredients. Currently, the startup gets almost 200 orders per day in Bangalore.
As of now, the company faces completion from other players in this sector. The other players are BigBasket, FlipKart Nearby, ZopNow, MyGrahak and others.