Investors Put $100K Into RainCan Subscription Grocery Delivery

RainCan, the online grocery delivery service operating in India, raised the equivalent of roughly $100,000 from angel investor Ajeet Khurana and other investors, according to TechStory, in an article Monday (Aug. 10).

The company has its operations solely in Pune and was founded by IIT Bombay engineers Munendra Singh and Abhijeet Kumar. The company said it hopes that the latest funding round will help order fulfillment growth jump from 100 orders to 500 orders daily within a month. Additionally, RainCan is targeting an additional $1 million capital raise, which goals to grow to as many as 5,000 orders on a daily basis.

The online ordering platform provides subscribers with a range of options that include baked goods, fruit, meats and vegetables. There is also a “top up” service through which customers can order daily items deemed “essential” which have a daytime delivery option. The company’s technology also employs “pre-emptive analytics,” which can help anticipate ordering patterns and replenishment of certain staples.

“Currently the whole segment is very unorganized which means limited product choices, lack of a user interface, and high service charges. We are providing our customers with solutions which help them track their daily delivery schedule, modify it, pay online, and most importantly plan their daily/weekly requirements,” Kumar told TechStory.

As reported last month by The Financial Express, the online food delivery arena in India has grown at a rapid pace. There are roughly 150 companies operating within that space, and of that number, roughly half of those companies launched within the past year. That hyper-growth has also been able to attract investment interest from private equity and venture capital funds, and angel investors as well.

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