Senior Correspondent, IndianRetailer.com & Retailer Magazine Jan 13, 2014 / 2 MIN READ
LocalBanya.com has received Series A funding from Karmvir Avant Group. In light of the recent funding crunch across the industries, this development is great news for e-tailing start-ups.
Speaking on the same, Rashi Choudhary, Co-founder, LocalBanya, said, “This cash inflow is a great vote of confidence in LocalBanya’s vision and empowers us with the resources to scale up operations, recruiting and marketing efforts which in turn will fuel growth.”
LocalBanya has been aggressive with its marketing efforts, which have been further amplified by an intensive campaign for its extension of services to Thane and Navi Mumbai. The website processes around 400 deliveries everyday with a team of over 100 employees.
Karmvir Avant Group has recently made investments in several start-ups in the hospitality and IT domain and are looking to add to their portfolio with this deal and were introduced to the opportunity through Delhi-based financial advisory firm Highstreet Corporate Advisors.
Plan retail expansion; to invest Rs 15cr in each store.
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