Satvacart to raise another $2 mn in current round

E-Grocery retailer Satvacart today said it is keen to raise another USD 2 million in current round of funding, in which a clutch of individuals, including Abhijit Avasthi, Karan Chellani and SP Vijay have already invested an undisclosed amount.

The company has also appointed three senior industry professionals - Abhijeet Avasthi (Sideways), Sameer Bagul (EVP & CFO, Cleartrip) and Sri Ramakrishnan, a marketing veteran with 20 years' of experience and a visiting faculty at IIMA with expertise in eGrocery to its Board of Directors, the company said in a statement.

While Karan Chellani is Partner in Grace Capital, S P Vijay is Founder of Tarento Software, Bangalore.

"Having achieved operating level break-even within 14 months of launch following the vertical expansion strategy, we are now targeting full break-even," Rahul Hari, Co-founder of Satvacart said.

Satvacart, which focuses only on the Gurgaon market, is backed by Palaash Ventures and has senior executives from Insurance, Consulting, Hospitality and Investment Banking sectors as angel investors. It sells 4,000 products through an inventory-led model, the statement added.