The company has raised Rs 3 crore (over $450,000) from a senior partner with financial advisory firm EY (formerly Ernst & Young).
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The raised funding will be used by the startup to expand the core team, further enhance its technology and beef up the logistics. The company is aiming for a 10x growth in customers in the next four to five months and increase per customer spend by 2.5 to three times during this time.
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Started in the middle of 2015 by entrepreneurs Yuv Raj Poosarla, Saswata De and Suraj Subedi along with Ravi Varma and Sathvik Ponangi, with help from mentor Joginder Tanikella, The First Meal has become rapidly popular in the breakfast segment and acquired a huge loyal customer base.
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Roposo has announced its plans to leverage the funds raised for strengthening its technology backbone, expanding its team, bolstering the product and enhancing the Roposo community. By augmenting its tech infrastructure, Roposo will be able to add more innovative and engaging features to its already popular fashion social network.
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The hyperlocal space has attracted a huge amount of funding in the last 18 months, with more than $250 million already raised. According to Assocham-PwC report, about 40 million customers purchased goods online in 2015 and the number is expected to go to 65 million this year.
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The company is looking to utilize the fresh capital towards accelerating business growth and investing in new product lines including micro credit. The company will continue enhancing the Udio product suite including the android / iOS apps for consumers and its rich API stack for business partners.
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Bengaluru-based retail technology startup SnapBizz today said it has raised an undisclosed round of funding from veteran industrialist Ratan Tata. This is Tata’s eighth investment in startups in 2016 so far. Tata, former Tata Group chairman, has invested over 20 startups so far. In January 2016, SnapBizz had announced a Series A funding of USD 7.2 million led by Jungle Ventures, Taurus Value creation, Konly Venture and Blume Ventures.
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Ant Financial is not the only payments company raising large amount of funding. The finance unit of rival JD.com - JD Finance - raised $1.02 billion funding round in January, valuing it at $7.2 billion. Another Chinese company, Meituan-Dianping, an online seller of movie tickets and restaurant bookings, has also secured $3.3 billion in January.
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