Snapdeal founders-backed Supr Daily raises seed funding from Venture Catalysts
Seed investment firm Venture Catalysts has invested an undisclosed amount in habit-forming app Supr Daily. The round was led by Venture Catalysts’ angel investors Apoorv Ranjan Sharma, Anil Jain, Anuj Golecha, Krishna Jhunjhunwala, and Anirudh Damani.
With doorstep delivery and convenient subscription management, Supr Daily claims to have served half a million orders till date. Currently active in many parts of Mumbai, the platform will be using the funds raised through this round to scale up its pan-Mumbai operations in the next six months.
Founded in 2015 by Puneet Kumar ( IIT-Bombay alumnus) and Shreyas Nagdawane (IIT-Bombay and IIM-Bangalore alumnus), Supr Daily is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, and coconut water to its users every morning.
“Our full-stack approach in terms of sourcing, distribution, and last-mile delivery has enabled us to deliver delightful consumer experiences while making positive contribution margins on each delivery," added Puneet Kumar, Co-founder, SuprDaily.
The company follows a direct-to-consumer model where they directly procure the goods from farmers and producers. This allows the startup to bring down the per-order delivery cost to as low as Rs 1–3 as compared to the e-commerce benchmark of Rs 50. Supr Daily has a team of 8–10 people.
Speaking on the investment, Apoorv said, “By building an exceptional delivery infrastructure from scratch, they have already taken the last-mile delivery cost down by more than 90 percent, something which a lot of other habit-forming apps and e-commerce players are still struggling with.”
Venture Catalysts usually invests $100,000–$500,000 in early-stage startups. Through this platform, investee companies can avail of the angel network, funding, community, services, and co-working facilities. At present, Venture Catalysts has more than 2,000 angel investors and has so far invested $3 million in 15 startups in the last one year across e-commerce, fintech, artificial intelligence, and logistics.
Several other angel investors including Dheeraj Jain (partner at Redcliffe Capital) and Harsh Rajgarhia (Overnite Express) also participated in the round.
The sustainable business model has enabled Supr Daily to achieve operational profitability. The startup had previously also secured seed funding from Snapdeal founders Kunal Bahl and Rohit Bansal.
"Supr Daily’s model is very uniquely Indian. The team has figured out the supply chain part so early on, which is usually the hardest and the most important part in any e-commerce business," said Kunal, Co-founder and CEO, Snapdeal.
Though investors seem to be betting high on Supr Daily’s innovative logistics and supply chain model, it is too early to ascertain profitability, especially after PepperTap, which raised $51 million in risk capital, and angel-funded startups including Townrush and Localbanya shut shop. Only time will tell how far the existing business model will take them.