Bengaluru-based startup Town Essentials gets $1 million funding by angel investorsBengaluru, India | Red Newswire | Dec 28, 12:15 PM IST
A Bengaluru-based grocer Town Essentials has raised $1 million i.e., Rs 6.7 crore in angel funding. Town Essentials supplies to both consumers and institutions and including the fresh funding, it has raised Rs. 12 crore till date.
The lead investor in the round is Sharad Hegde (first non-founder employee of Infosys) followed by Girish Reddy (former Workday executive) and Siddharth Patil (head of data science division at Twitter). the company’s existing angel investor Shrikant Patil was also present.
The company serves 200 orders per day and plans on using funds in its marketing activities for customer acquisition. Amar Murthy, founder and CEO of Town Essentials said, “We will make our basket of private labels stronger by adding new products, im prove back-end manufacturing and spend on advertising.”
A new platform called Morning Drop has been launched by the company that will serve subscription-based products like milk, bread, eggs etc. it also plans to expand customer base to 10,000 and launch a mobile app.
Siddharth Patil said, “Most startups fail because founders don't have the personality to weather the ups and downs.”
Source: Economic Times