Companies

Online grocery firm Raincan raises additional angel funding of Rs 1 crore

Our Bureau Mumbai | Updated on January 20, 2018 Published on April 13, 2016

Subscription-based online grocery firm Raincan has raised an additional angel funding of Rs 1 crore from existing investors and Aniruddha Malpani.

Bloomskart Retail Pvt Ltd, owner of the Pune-based startup, had raised about $100k round in August 2015 from serial investor Ajeet Khurana and other angel investors.

RainCan, has raised about $100,000 (Rs 64 lakh) in seed funding from angel investor Ajeet Khurana and a number of other unnamed individuals.

Founded in early 2015, by IIT Bombay alumni Munendra Singh and Abhijeet Kumar, RainCan enrolls customers in a subscription model under which they are offered product categories such as dairy, bakery, perishables, staples and more on a daily basis.

The startup will use the funds to strengthen its customer base and improve supply chain infrastructure, said Munendra Singh, founder of RainCan.

"Our subscription model ensures that we have multiple touch points with our customers every day. As we solve their daily requirements, we believe that we can also successfully cross sell different product categories and high end products," Singh said.

The app helps customers to modify their requirements as the firm doesn't have a minimum ticket size. 'Our subscription nature of business ensures that we can deliver low ticket products in a cost effective manner," he added.

Published on April 13, 2016

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