Online grocery retailer SatvaCart has raised seed funding of Rs 10-12 crore, its second angel round.
The Gurgaon-based company, which has recently completed its second round of angel funding from a group of high net worth individuals (HNIs), will use the Series A funding for geographic expansion.
Started in January 2015 by Rahul Hari, Satvacart, claims to offer around 4000 products, across categories such as grocery, fruits and vegetables, personal care, household essentials and baby care.
“We are extremely happy with the closure of angel round 2, which involved our old investors as well as HNIs as new investors. In times when there are talks of funding getting dried up, second angel funding highlights the confidence of investors in Satvacart’s business model,” Satvacart founder and CEO Rahul Hari said in a statement.
He added that the proceeds from the angel funding will be used for strengthening technology back-bone and expanding management team.
Prior to this, the startup had raised seed funding from Palaash Ventures and other angel investors, in order to expand across six new cities apart from Gurgaon.
Investors in Satvacart include Palaash Ventures, Corporate Business Advisors and other HNIs.
The Board of Advisors include Arvind Gupta (serial entrepreneur), Vijay Shukla (Setu Ventures MD) and Pushpinder Singh (Travelkhana CEO).