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Hyperlocal delivery startup Grab secures $1.3 million from Maharashtra State Social Fund

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Published: February 22, 2018 11:59:22 AM

The company has raised a total of $2.3 million. Grab had previously raised an undisclosed amount of debt financing from Aramex Ventures. Prior to that the company had raised a seed round of investment of $1 million from Oliphans Capital and Haresh Chawla.

Hyperlocal delivery startup Grab secures $1.3 million from Maharashtra State Social Fund

Hyperlocal delivery startup, Grab, has secured $1.3 million in its latest round of investment from Maharashtra State Social Venture Fund, which is an investment arm of the SIDBI Venture Capital. According to the filings, the company has allotted 10 equity shares of Rs 10 each with a premium of 19,219.67 each and 89,807 debentures.

Founded by Pratish Sanghvi, Jignesh Patel, and Nishant Vohra in 2012 the company enables last mile food delivery. The startup currently caters restaurants, food delivery companies, grocery stores, banks and ecommerce companies.

The company has raised a total of $2.3 million. Grab had previously raised an undisclosed amount of debt financing from Aramex Ventures. Prior to that the company had raised a seed round of investment of $1 million from Oliphans Capital and Haresh Chawla.  

Maharashtra State Social Fund (MS Fund) is an AIF, Alternative Investment Fund, which was established in September 2015 as a close ended unit scheme of Maharashtra Laghu Vikas Trust. The website states that SIDBI Venture Capital is the only investment manager of the fund while SIDBI Trustee Company Limited is the sole Trustee of Fund. The fund has a corpus of $31.2 million.

On its website, Grab claims to have worked with the likes of Snapdeal, Big Bazaar, Pizza Hut, KFC, Patanjali, among many others. Further they claim to have delivered over 89 lakh orders with 3305 merchants across 23 cities.  

According to a report, the Indian foodtech market is projected to grow at 12 percent CAGR during 2016-2021. The report further added that the growth in the market is directly related to the increasing disposable income , growing average household income and the rising concept of double income (no kids) concept. The growing internet infrastructure  has gone up from 10 percent in 2011 to 27 percent penetration in 2015, and increasing smartphone users from 123 million in 2014 to 167 million in 2015.  

Another report from Statista quotes that the food-delivery segment is expected to record $3 billion in revenues this year. It further adds that they expect the revenue to show CAGR of 16.7 percent resulting in a market volume of over $5 billion by 2022.

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