Voyage Foods enters beanless coffee category with bean-free brew
Online grocery store Satvacart has raised an undisclosed sum in its pre-Series A round of funding from several wealthy individuals. The high-net-worth individuals who participated in the round include Keshu Dubey, the founder of startup database platform Xeler8, and Shishir Kumar, a former top executive at security solutions firm Symantec India.
The company was founded in January 2015 by Hari, an IIT BHU graduate. Satvacart Innovative Concepts Pvt Ltd, which runs the e-grocery venture, follows a hybrid business model. It sources from neighbourhood stores in addition to stocking its own inventory.
The company currently operates at a healthy contribution margin of Rs 52 per delivery powered by an industry-best cost of Rs 60 per delivery. As the firm scales up, the cost per delivery will go down to Rs 40 with increasing gross margins, thus improving the contribution margins even further.
Online grocery is set to witness hectic activity in times to come, as the country’s e-commerce majors have identified it as the next big battleground. Getting a stronghold in the space ensures frequent repeat purchases and a boost to gross merchandise volume.