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Raincan, a Pune-based subscription startup for delivery of fresh and perishable items has raised Rs 1.75 crore in pre-series A funding. Prabodh Agarwal, Group CFO, IIFL Holdings Limited and existing investor Dr Aniruddha Malpani invested in the round, the company said in a statement.
The fresh funds would be used to fuel the startups' expansion in opening delivery operation centers and set-up logistics platform to facilitate deliveries at the lowest possible cost.
The company has so far raised about Rs 2.75 crore in equity.
Founded in June 2015 by IIT-Bombay graduates Munendra Singh and Abhijeet Kumar, RainCan is a subscription-based service provider dealing in dairy, meat, bakery, fruits, and vegetables largely. The company delivers around 6,000 orders daily in Pune and has crossed Rs 10 crore in revenue and is currently witnessing a growth of 15% every month, the company said that also plans to raise $2 million in equity soon.
RainCan is based on a subscription model keeping in mind the to deliver ultra-fast moving products with low shelf life to the customer's doorstep with deliveries starting at 5 am through an in- house delivery team of 60, it added.
Abhijeet Kumar, Co-Founder, RainCan, said, "We delight customers by helping them buy small and buy fresh, so that family members can start their day with a healthy breakfast first thing in the morning. We deliver convenience cost effectively. We help busy women come out of the fear of missing an item for breakfast and lunch by delivering milk and other fresh produce early morning. They can buy a dozen eggs, a tender coconut or as little as a few lemons."
The use of technology and optimised logistics team as deliveries are concentrated in nature help keep cost of delivery to under Rs 2. The company has been a capital efficient start-up turned with operational excellence using wide array of technology and analytics platforms, the statement said adding that it has been operationally profitable since September 2016,
"We aim to take the current 4 centers to 20 in Pune and Mumbai to achieve Rs 100 crore annual revenue with positive cash flow in next few quarters," added Munendra Singh, Co-Founder, Raincan.
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