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Thursday, June 14, 2012

Ahead of India’s E-Commerce Boom, MyGrahak Hopes to Raise $3.5 Million This Year

MyGrahak Shopping
It’s still early days in the Indian e-commerce scene – despite the emergence of Flipkart – and so now is the time to invest and expand. And today, India’s top food-oriented e-tailer MyGrahak has revealed its investment aims looking ahead for the next three years. It plans to raise a total of Rs. 200 crores (US$35.82 million) up to 2015, by which time it also hopes to have a turnover of Rs. 1,000 crores ($179.1 million).

The figures come from founder and CEO Ambuj Jhunjhunwala in an annoucement earlier this evening. He stated, “We would be considering private equity investors for our next level of capital infusion,” but did not name any possible VC backers. He added:

  • MyGrahak is gearing up for the next level of growth. Our monthly revenues have crossed Rs. 1.25 crore [$223,900] last month and we will break even by December 2012. We believe the stage is now set for more capital infusion. We plan to use the capital to double our warehouse, to improve logistics and supply chain, for a new office premise in Ghitorni and to enhance our customer experience.

Based in Delhi, MyGrahak was founded in December 2010 and aims itself at middle- and upper-income Indian families who might lack the time to go out and shop for boring necessities. Mr. Jhunjhunwala specified that they’re planning to invest Rs. 20 crore ($3.58 million) of that Rs. 200 crore total “by November 2012.” Who might step up and back this online supermarket business? One strong likelihood might be Sequoia Capital which has in the past invested in other Indian e-commerce sites such as Fashionandyou and Freecharge.

The site also revealed that it currently has only 22,000 registered users on the site, but that it’s growing at the rate of 25 percent per month.

Earlier this year we saw how MyGrahak was rolling out ‘card on delivery’ as a payment option by equipping its deliverymen with credit card transaction devices.


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