Micro-delivery startup Baxi-Fresh raised Rs 2 crore in a bridge round from its existing angel investors, including Alok Mittal, Founder and CEO of Indifi Technologies; Nitin Singhal, UK-based angel investor; and Mahendra Pratap, Founder and CEO of Shiksha Infotech.
The company plans to use these funds to expand and launch its delivery services to 200 residential areas in Gurugram and New Delhi by July this year.
According to a press statement, Baxi-Fresh, earlier known as Baxi, had recently announced partnerships with FMCG giants Mother Dairy and Patanjali. Under these partnership, the company would use its fleet of part-time bikers to do hyperlocal morning deliveries from partner stores.
Ashutosh Johri, Founder and CEO of Baxi-Fresh, said,
“Our partnership with Mother Dairy brings a solid foundation of over 2,000 existing hyperlocal stores and with this bridge investment, we will quickly scale our operations. The money will be used to hire key team members, market the service and strengthen our operations.”
He also added that the company aims to cover the entire Delhi-NCR region by March 2020.
The Gurugram- based startup claims to have crossed 1,000 monthly active users with a monthly order frequency of 20 and an average order value of Rs 60. At present, the company serves homes in 20 sectors in Gurugram and one in Dwaraka.
Nitin Singhal, an investor in Baxi-Fresh, said,
“The Baxi-Fresh team has demonstrated a truly scalable and differentiated model for hyperlocal micro-deliveries, and their partnerships with retail industry leaders like Mother Dairy have put them in a great position to convert a large and established customer base. Their growth numbers for the last few months are impressive.”