Hyperlocal grocery-store and managed services company Dusminute on Thursday said it has raised Rs 11.5 crores in a bridge round led by Inflection Point Ventures for its growth in Bengaluru. The round has seen participation from multiple existing investors and industry veteran angel investors syndicated by an angel investor and banker Bandana Kankani.
Dusminute focuses on the grocery needs of affluent and elite residents in gated communities. “While existing quick commerce and traditional e-commerce players have their limitations, such as product quality, delivery time issues and unit economics, Dusminute aims to fill this gap as a crucial third layer,” the company said in a statement.
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“DusMinute is aiming to take quick commerce a notch higher by leveraging an omni channel approach. It blends the best of both worlds, of a quick-commerce operator as a quick delivery provider and the convenience and healthy unit economics of a neighbourhood kirana store,” said Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures.
“In-society stores make customers more comfortable in buying and exchanging products and the home delivery provided adds convenience with a familiar touch of kirana stores. We believe such a hybrid model has the potential to emerge as a good alternative to users and will establish itself as a recognizable brand in coming times,” Bhardwaj added.
Dusminute said it aims to expand its operations to the top 7-8 cities in India to meet the growing demand for convenient grocery solutions within apartment complexes.
Apoorva Mishra, CEO, Dusminute said the company redefines both the offline and online experience for its consumers. “This investment will help us to scale up in Bangalore and turn operationally profitable within the coming months. We want to capture a key market like Bangalore, build a profitable business and then enter newer markets in India.”
Dusminute said it has operations currently running in 35 apartment communities in Bengaluru with a pipeline of a dozen more as it expects substantial growth in the number of residents in gated communities which is projected to more than double by 2030.