Bangalore-based Delyver Retail Network Ltd, the company behind Delyver.com, an online platform that connects offline retailers with customers in a neighbourhood, has secured over Rs 6.5 crore (over $1 million) in funding from an undisclosed VC fund based out of the city. The startup will use the funds to expand operations to 20 cites by next year, its co-founder Afsal Salu told VCCircle.
“We cannot disclose the name of the VC fund. However, this fund has a good presence in India and has already invested in over a dozen ventures in the country,” said Salu.
The startup had earlier raised an undisclosed amount in funding from K Ganesh and wife Meena, besides V Sudhakar and Shankar Maruwada in 2012.
Founded in 2010 by IIM Lucknow batchmates Salu, Reebu Varghese and Praful Thachery, Delyver is a hyper local commerce platform that connects offline retailers in a neighborhood with customers from the same neighborhood. For customers, the platform offers a single window for all neighborhood shopping needs. The firm claims that all orders placed with Delyver are processed and delivered within 60 minutes.
The criteria for choosing the product categories include relevance to the corporate crowd present in large numbers in suburbs where Delyver operates, products that are deliverable and those regularly needed, thus inducing a repeat purchasing behaviour. Another consideration is to have the products that don’t require major overhead transport charges.
Currently, Delyver operates in Bangalore across nine product categories such as food, ice cream, flowers, dry cleaning, raw meat and fish, fresh veggies and fruits, and cakes and chocolates.
It is present in 21 neighbourhoods in the city and covers over 1,000 retail outlets.
(Edited by Joby Puthuparampil Johnson)