Retail tech startup Daalchini has secured $4 million in a Series A round led by Unicorn India Ventures along with participation from its existing investors such as Artha Venture Fund, Ajay Kaul, and VSS Investco.
The proceeds will be deployed to expand its industry footprint and tech capabilities, the company said in a press statement.
Founded by Prem Kalra and Vidya Bhusan in 2017, Daalchini provides instant, affordable, 6-meals-a-day food options through IoT-enabled ‘phygital’ vending machines. Its product suite has a platform to launch vending machines, micro-markets, automated kiosks, and mobility solutions.
Currently, Daalchini has over 200K monthly active users and claims 300% growth in the past year. While the company is yet to file an annual financial statement for FY22, it claims Rs 12 crore revenue during the last fiscal year (FY22). The company claims to have a presence in more than 20 cities with over 200 franchise partners.
Close to 160 brands such as Sleepy Owl, The Whole Truth Foods, Open Secret et al are distributing their products through Daalchini. It also claims to have collaborated with more than 160 brands like Sleepy Owl, The Whole Truth Foods, Open Secret, Yoga Bar, et al. The company’s retail-as-a-service platform enables these brands to grow in hundreds of physical stores while tracking real-time insight digitally.
According to Daalchini, it aims to clock Rs 50 crore in revenues with a gross merchandise value (GMV) of Rs 130 crore in 12 months. The company plans to grow from more than 850 to over 5,000 smart and retail points by 2023.