Hyperlocal logistics service Grab.in has raised Rs 9 crore from the Maharashtra State Social Venture Fund which is managed by SIDBI Venture Capital.
Formerly Grab a Grub, the last mile delivery startup has allotted 10 equity shares of Rs 10 each at a premium of Rs 19,219.67 each and 89,807 debentures of Rs 1000 each on January 20, 2018.
According to paper.vc report based on RoC filings, the debentures will convert into 4,760 equity shares within a maturity period of five years.
Earlier, Grab.in had received two tranches of funding ie Rs 6.6 crore and Rs 13.34 crore in June 2017 and July 2016 respectively. Entrackr has sent queries to grab for more details on the fresh round.nWe will update the post as response comes in.
Grab.in was launched in 2012 by Pratish Sanghvi, Nishant Vora, and Jignesh Patel. The company offers third-party last-mile delivery services to businesses and merchants, including restaurants, e-commerce companies, retailers, grocers, pharmacies, food-tech platforms, and banks and others.
The startup which is operational in 23 cities including Delhi, Mumbai, Bengaluru, and Hyderabad and serves over 3,300 merchants, claims to have made 8.92 million deliveries till date. Its clients include Snapdeal, Jio, Paytm, Foodpanda, Patanjali Ayurved, McDonald’s, Zomato amongst several others.
The Mumbai-based firm is also backed by Oliphans Capital and Zomato as well as Haresh Chawla of India Value Fund Advisors. Grab.in had raised a round of $1 million from the aforementioned investors in April 2015, while Zomato had invested an undisclosed amount in the startup five months later.
Grab.in competes with competitors such as Shadowfax and Opinio. In the last mile hyperlocal delivery segment, Shadowfax claims to be the largest crowdsourced delivery platform with a presence in 75 plus cities across the country.