Visiting a supermarket to shop for groceries has become a passe. In the wake of this changing shopping landscape, E-grocery startup Myonsto.com has raised Rs 2 crore in angel funding from Oswal Industries’ Director Jayant Bokadia, marking another major funding round for the light-speedily growing online grocery delivery segment in India.
The e-commerce model works on the principle of local availability of global commodities. Ahmedabad-based Myonsto.com with its relentless efforts have made these commodities available for the people of Gujarat and has about 7,000 products across grocery, fruits, vegetables, beverages and personal care in its portfolio.
With this recent cash flooding in, the company intends to upgrade its technology and for further expansion in Gujarat to cover other left-out cities.
Although, the company is in its nascent stage and has been operating for just four months, it garners an average monthly revenue between Rs 1.5 lakh and Rs 2 lakh and a gross profit of 12-15% on an average.
Sahil Dalal, founder at Myonsto.com said that rather than turning into express delivery provider, the company focuses on dispatching quality products. He reminds of other players in the market, who tries to deliver the products in hassle and compromises with quality, proving to be a disappointment to the customers.
Eyeing a blooming future in this segment, a number of startups have emerged this year targeting to scoop in a fraction of this fortune. Big players like Amazon have also started to tap into E-Grocery market and continues to invest into its growth.