Online grocery delivery startup Satvacart announced the closure of a pre-Series A round of funding from angel investors including Kuldeep Puri, Shailendra Kumar, Siddhartha Garg, Madhu Sudana Rao Kalagarla and Sirinivas Kotta.
The company plans to utilise the funds to create 100 clusters in Mumbai, Bangalore and Noida in the next 18 months.
Founded in 2014 by Deepika and Rahul, Satvacart is an online grocery platform that sells 5000 products through an inventory led business model. The company currently operates only in Gurgaon, with its own digitized dark stores situated in the centre of high population density areas.
According to the company, it is running profitable operations at 4% EBIT and now working on scaling the business up, to reach the top 4 cities in the next 18-24 months and the top 13 cities in the next 24 months, gradually hitting a $1 billion GMV at a 10% EBIT.