Doodhwala reportedly is in the process of raising up to $12 Mn in Series A funding round.
Bengaluru, 29 Nov, 2018. RedNewswire/-
The Bengaluru-based startup Doodhwala, founded in 2015 by Jinesh Bharat Shah, is an online store for groceries. Its product offerings include dairy products, bakery products, juices, health drinks, batters, ready-to-cook foods, meat, groceries, household items, personal care products, confectionery etc.
It is in the process of raising up to $12 million in Series A funding round, TechCircle reported. The startup has approached both new and existing investors for the fresh fundraise, and is looking at a post-money valuation of $40 million.
Agri and food-focused investor Omnivore, which invested in Doodhwala earlier this year, will also participate in the funding round. It is expected to close the round in January next year.
The startup plans to use the fresh capital to expand its business within its existing markets — Bengaluru, Hyderabad and Pune. The company makes deliveries before 7am every day and claims to handle more than 4 lakh deliveries in a month.
Ebrahim Akbari, co-founder of Doodhwala, said, “Last-mile milk delivery is the next big thing in the e-grocery space. Right now we are at a stage where we are continuing to expand and are building a playbook of subscription-based e-grocery. Along with others, we have defined a sector called milk-tech.”
Doodhwala is operated by Banger Tech Pvt. Ltd. It had raised $2.2 million in February, and an undisclosed amount in angel funding from Tom Varkey, a partner at US-based hedge fund Stonehill Capital in August last year.