The Country’s e-commerce platform for the rural area VilCart has announced that it has secured an amount of 13 Million US dollars which is equal to 106 Cr INR as this year’s first fundraise in Series A funding round led by Asia Impact on Friday,6th January 2023.
Investors Present in Series A funding round
The Series A funding round for VilCart led by Asia Impact by investing almost 2 Cr INR and witnessed participation of two other investors including the Texterity Private Limited which invested an amount of 62 Lakh INR and Nabventure Funds infused an amount of 14 Cr INR as an investment for the company.
The board members at VilCart have proceeded a special resolution in order to raise a fund amounting 13 million US dollars to fit out a Compulsory Convertible Preference Shares (CCPS) of 68,761 Series A and 405 of Series A1 at a rate of 15,411.6 INR per share. This report has been shown by the VilCart’s regulatory filings with the Registrar of Companies (RoC).
The e-commerce platform for the rural area focuses on utilizing the funds generated in the Series A funding round for the cause of the functioning of the company and the business development.
About The Company VilCart
The e-commerce platform for the consumer needs VilCart was established by co-founders Prasanna Kumar, Amit S Mali, Mahesh Bhat and Rajasekhar in the year 2018. The headquarters of the company is based in Bengaluru, India.
The company serves as a revolutionised platform for unorganized retail plants via logistics, supply chain facilities and technology. The company has raised 2 million US dollars in a seed funding round by the angel investors including the Nabventures Funds , Prashant Prakash, Nagaraj R. and SJ Ashok on 2nd of November last year.
The company has generated revenue of 79 Cr in the Fiscal Year 2021 whereas, in the current Fiscal Year FY22, the company 2.6 times more profit than the previous Fiscal Year. The profit accounts to Rs 209.7 Cr.
On the other hand, the company’s losses also grew higher, in the Fiscal Year 2021 the company had to witness a loss of 4.81 Cr INR but the losses in the Fiscal Year 2022 the losses accounted for 11.13 Cr , which is 2.3 times more than before.
Photo Credit– Startup Stories India
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