Bangalore-based online hypermarket operator urDoorstep has secured $1.4 million in its second bridge round in six months. The round saw an undisclosed high net-worth individual investing about $733K (Rs 5 Cr) and an equal amount coming in as debt from Lakshmi Vilas Bank.
Talking about the funding, Dinesh Malpani, founder of UrDoorstep said, “With the current round, we will be expanding to new pin codes in the city. We are eyeing EBITDA breakeven by the first quarter of 2017-18. We are doing this by managing the cost of customer acquisition and logistics.”
UrDoorStep was founded in October 2015 by IBS Hyderabad alumni Dinesh Malpani. Operational only in Bangalore, it offers its services under three large business divisions: eSuperMarket, eHome and eLifestyle. The first two divisions contribute most to its business. The eLifestyle category accounts for 15-18% of total sales.
In July 2016, UrDoorStep raised a bridge round of funding of $447K led by CP Murali, former President and COO of Aricent Technologies.
