Roadrunnr, a hyperlocal delivery startup, has raised around $10 million in a fresh round from its existing investors – Sequoia Capital and Nexus Ventures, reports ET. This round, which hasn’t been formally announced, is in addition to the $11 Mn which the company raised recently.
It is also reported that earlier this month, Yuri Milner, the Russian billionaire and the founder of DST Global has also invested in the company in his personal capacity. The company is reportedly in talks with many other strategic investors for its next funding round, which is speculated to be around $40 million.
The company had earlier raised $11 million in Series A round of funding from Sequoia Capital, Nexus Venture Partners and Blume Ventures to take its business model across India and develop the largest fleet of on-demand hyperlocal delivery carriers in the country. As a result, the company operationalised further in 11 Indian cities within just six months of operations’ commencement.
Roadrunnr was founded in February 2015 by Mohit Kumar and Arpit Dave. It is focusing on business-to-business deliveries. It makes use of an on-demand model to partner delivery boys and manage lean and peak demand, and charges businesses a flat rate per delivery.
The company claims to be doing close to 25,000 deliveries a day on average with a fleet of nearly 5,000 delivery boys. It caters to merchants, restaurants and e-commerce companies, managing their deliveries in a cost effective manner while adhering to service level agreements.
For basic service, the company is charging Rs. 40 up to 4.5 km and Rs. 10 per every extra km while for the premium service, it is charging Rs. 55 up to 4.5 km and Rs. 10 per every extra km.
The company claims to have the largest fleet for on-demand services in Bengalore and has also started operations in Delhi NCR. It is now planning to take this model across India and develop the largest fleet of on-demand hyperlocal delivery carriers in India.
Similar startups in this space include Quickli, which raised funding from 500 Startups, Mato Peric and some other angel investors; and DailyNinja, which raised funding from TaxiForSure’s Aprameya Radhakrishna, FindYogi’s Naman Sarawagi, Delyver’s Afsal Salu with six other investors.