Merchant Innovation

Online Market LocalBanya in Talks to Raise $5M in Series B Funding

The website processes around 750 deliveries a day and growing at around 25 percent per month, according to the company.

Mumbai-based MN&C Supply Links Retail, which owns and operates online super market LocalBanya.com, is talking with an investor to raise about $5 million from an investor, according to VC Circle. The existing investor will also participate in this round.

“The funds will be deployed across 18 months for technological innovation in handling the supply chain, setting up a third warehouse in Kurla (in Mumbai) and distribution, besides expanding its reach in Mumbai and entering four metros, including Pune, Bangalore and Delhi this calendar year,” Karan Mehrotra, co-founder of LocalBanya.com told VC Circle.

LocalBanya adapted a business model that relies on a convenient mix of warehousing and cash-and-carry. This has reduced the start-up's financial dependence on operations and enabled it to put in place an efficient supply chain. It has warehouses in Goregaon (E) and Rabale in Navi Mumbai.

Earlier this year, LocalBanya.com had raised an undisclosed amount in Series A funding from Karmvir Avant Group, a real estate developer in Mumbai. The venture had also raised funding from Times Group’s Brand Capital Springboard platform.

LocalBanya.com offers 20 categories (need-based vis-à-vis impulse purchase categories), including fruits and vegetables, groceries, personal care, household supplies, detergents, kitchen ware, breakfast cereals and snacks, stationery, among other items.

The website processes around 750 deliveries a day and growing at around 25 percent per month, according to the company.

 

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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