[Funding alert] DusMinute raises $1.1M in pre-Series A round led by Indian Angel Network
DusMinute, an omnichannel amenities platform for gated communities, has raised $1.1 million in pre-Series A round of funding led by Indian Angel Network (IAN), along with the participation of a few high net-worth individuals (HNIs).
Apoorva Mishra, CEO of DusMinute, said,
“DusMinute is powering next-gen apartment buildings. We are developing a sustainable ecosystem and reducing carbon footprint by serving hyper-locally. The funding will allow us to expand to over 80,000 households and deepen our integrated service offering. Technology would play a major role in personalising this experience for every household uniquely.”
DusMinute will serve communities through their digital retail experience
Launched in October 2017 in Bengaluru, DusMinute offers amenities like supermarket, pharmacy, home services, café, and more, through the in-society store and an exclusive app for residents of gated communities.
The startup ensured a safe and convenient shopping experience for its users, especially during the lockdown, by delivering all necessities from their own community store.
According to various reports, more than 23 lakh households were staying in over 25,000 communities across Bengaluru, Chennai, Mumbai, Delhi-NCR, Pune, Hyderabad, and Kolkata. By 2030, this number is expected to increase to about 75 lakh.
With the communities evolving into ecosystems of their own, this presents a $15 billion market opportunity, and DusMinute’s business model – of providing full concierge services and amenities to elevate lifestyle – serves this lucrative market. Currently established in over 36,000 households across 19 communities, DusMinute has been servicing prominent properties of Brigade, Prestige, Sobha, Provident, SNN, Shriram, and Godrej among others in the city.
On behalf of the IAN, lead angels Sidharth Gupta and Ankit Somani, said, “Gated communities will increasingly be the preferred urban living option and DusMinute’s model addresses many of the pain points of residents. The DusMinute model has been well received; they already have a fair consumer base and steady cash flows.”
A pioneering disruptive player in the market, DusMinute has been founded by IIT graduates Apoorva Mishra, Ankita Asai, and Nikhil Gupta, who had earlier co-founded Gapoon, a Bengaluru-based home services startup; along with consumer industry veterans Kishore Seela, Bhavadeep Reddy, and Nachi Ramanathan.
DusMinute recently acqui-hired Gapoon. With vast insights from their respective experiences in consumer tech, real estate, retail, and services, the team now aims to redefine the future of urban living in India.