WHEN Grab RAISED %1.5 MILLION OF FUNDING
Grab which is a Mumbai based start-up of hyper-local delivery, in its round of funding, has managed to raise $1.5 Million (INR 9 Crore) from investors such as SIDBI Venture Capital Limited (SVCL) and SIDBI Venture Capital Arm.
The company plans to expand the company’s scale with the newly arrived funds.
Talking about it, Grab’s Co-Founder, Pratish Sanghvi, in a statement says, “We have created significant traction past year and are reporting double-digit gross margins, this fund raise is adequate for utilization towards scaling up our smart locker platform and crowd sourced distribution center model.”
Grab, a hyper-local delivery service, was founded by Pratish Sanghvi, Jignesh Patel and Nishant Vora, in 2012 as a food delivery start-up.it later on spread to enterprises like groceries, foodtech platforms, banks, restaurants and ecommerce platforms. It has also extended to provide services such as reverse deliveries, on-demand, last mile and first mile logistics.
The CEO and founder of StartupLanes, Shishir Gupta says, “The newly arrived funds will help in the further advancement of the company and the expansion that has been planned with, I believe, will take the company to new heights. Furthermore, the kind of passion and dedication that the people of Grab work with, has already been proven in the expansion of the company to this extend. It is the same dedication and hard work that will lead to the company’s success.”
The improvement of a home based logistic arm, Grab, will enable better e-commerce services and will improve e-commerce market to a great extent.