Online grocery startup Satvacart today said it is in talks with PE funds and venture capitalists to raise USD 10 million (around Rs 65 crore).
The Gurgaon-based company, which has recently completed its second round of angel funding from a group of high net worth individuals (HNIs), will use the Series A funding for geographic expansion.
"We are extremely happy with the closure of angel round 2, which involved our old investors as well as HNIs as new investors. In times when there are talks of funding getting dried up, second angel funding highlights the confidence of investors in Satvacart's business model," Satvacart founder and CEO Rahul Hari said in a statement.
He added that the proceeds from the angel funding will be used for strengthening technology back-bone and expanding management team.
Investors in Satvacart include Palaash Ventures, Corporate Business Advisors and other HNIs.
The Board of Advisors include Arvind Gupta (serial entrepreneur), Vijay Shukla (Setu Ventures MD) and Pushpinder Singh (Travelkhana CEO).
"The Series A funding, to be raised shortly, will be used for geographical expansion. We are on track with our business mantra - Controlled expansion with eye on profitability through operational excellence resulting in high customer satisfaction," he said.
Satvacart offers a range of over 4,000 products and has a customer base of more than 5,000 in Gurgaon. It plans to expand operations to other parts of Delhi-NCR shortly.
