ZopNow, a Bangalore based which delivers numerous “Daily needs” products via its online service, has secured $10 million in a new funding round, led by Dragoneer Investment Group with participation of Accel Partners, Qualcomm Ventures and Times Internet.
Earlier, in 2012, the company raised an undisclosed amount of funding from Accel Partners, Qualcomm Ventures and media group Bennett Coleman & Co.
With this new round of funding, the valuation of the start-up has raised to $50 million. The company is planning to use the freshly raised funds to expand its service to more cities. It is currently operating in Bangalore, Navi Mumbai, Hyderabad and Pune. It will also invest in hiring and technology enhancement.
ZopNow was founded in 2011 by Mukesh Singh and Bal Krishn Birla with a vision to help people save time with the hope that they can spend the ‘saved time’ on something more meaningful.
When an order is place on its website, the company’s executive goes to the store, picks up the product, packs it and delivers to the consumer within three hours.
According to Mukesh Singh, the company is in talks with other offline retailers to implement a similar model in apperal, footwear, electronics, and other categories.
Online grocery vertical seems like a lucrative space these days. Recently, Grofers acquired grocery delivery platform My Green Box to lead the grocery vertical in India. Other big players in this segment include BigBasket which operates its own warehouse Localbanya, Freshworld, etc.
And the domain isn;t just limited to startups. Many eCommerce companies too, are attracted toward this sector. Earlier this month, Amazon launched KiranaNow which is offering express delivery in 2-3 hours. Flipkart is also reportedly planing to enter the grocery market by the end of second half of this year.
