Subscription-based milk and grocery delivery venture DailyNinja has raised an undisclosed sum from Matrix Partners in a fresh funding round, the investment firm said in a statement.
Existing investors Sequoia India and Saama Capital also participated in the round.
Run by DailyNinja Delivery Services Pvt. Ltd, the Bengaluru-based startup will use the latest round of capital to strengthen its operations and for geographical expansion, the statement added.
The company, which claims to have quadrupled its operations over the last 12 months, currently delivers over 30,000 orders per day across Bengaluru, Hyderabad and Chennai.
“Daily consumption of milk is an India-specific habit. DailyNinja has been able to leverage this habit to create a pipeline to customers’ homes, and has built an attractive business on top of this distribution channel,” Gourav Bhattacharya, director at Matrix India said.
In an e-mailed response, Sagar Yarnalkar, co-founder of the venture, confirmed that the new investment was part of an extended Series A round.
In June this year, DailyNinja raised $3 million (around Rs 20 crore then) in a Series A round led by Saama Capital (new investor then) and existing investor Sequoia.
The startup was founded by BITS Pilani graduates Yarnalkar and Anurag Gupta in July 2015. They had previously co-founded a mobile services firm Appspire Technologies. Prior to that, they had worked in Carwale and Goldman Sachs.
The three-year-old venture fulfills and delivers what is referred to as the “top-up” grocery needs of a household, which essentially refers to daily essential items like milk, eggs, bread, curd, etc., which is consumed regularly, more on a wish-based demand.
DailyNinja recently expanded its Hyderabad operations with the acquisition of 4amShop in an all-cash deal last month.
"We will continue to focus on our expansion strategy across multiple cities. We will also be hiring aggressively,” Gupta , co-founder of the venture stated.
Deals in the space
Funded players such as Milkbasket, SuprDaily and Doodhwala also operate in the space.
In May, Gurugram-based Milkbasket raised $7 million (Rs 47 crore) in a Series A funding round led by early-stage investment firm Kalaari Capital.
In February, Bengaluru-based Banger Tech Pvt. Ltd, which operates subscription-based milk and daily essentials delivery startup Doodhwala, raised $2.2 million (Rs 14.27 crore) from impact venture fund Omnivore.