Noida-based online micro-delivery startup MrNeeds has raised $500K in pre-Series A funding from a clutch of investors including IT professional Umesh Arora and others.
With the fresh capital, the company plans to expand its operations from select neighborhoods in Noida to other parts of Delhi-NCR region including Dwarka, Indirapuram and Gurugram.
MrNeeds was founded in 2016 by Hitashi Garg, Ravi Wadhwa, Ravi Verma, and Yogesh Garg. It delivers milk, bread, eggs, and other groceries to the households on daily basis.
The core strength of MrNeeds relies on its micro-delivery model that focuses exclusively on optimizing the supply chain and reducing delivery costs. As a result, it has drastically cut down its per-delivery cost by restricting all deliveries to only customers living in high-rise complexes and making all deliveries between 6am-9am.
Ravi Wadhwa, Cofounder at MrNeeds said, “Our growth demonstrates how customers appreciate the value proposition of our differentiated business model. Further, we have finetuned our operations and our per delivery costs are 50 to 70% lower than the industry standard.”
“This investment will power our expansion as we move towards realizing our vision of serving millions of customers everyday and addressing all their daily needs via one platform,” further he added.
Since its operation started in October 2016, the startup today serves over 36,000 orders a month, with 9,000 families in Noida as its subscribers.
The serviceable market opportunity for daily essentials consumed by Indians living in high-rises across India is pegged at US$10 billion. Apart from MrNeeds, there are few other companies such as DailyNinja, MilkBasket, Town Essentials and RainCan operate with the same business model.