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Ronnie Screwvala’s Unilazer Ventures has picked up 25 per cent stake in online grocery retailer EkStop Shop for an undisclosed amount. EkStop will utilise the proceeds to expand its geographic reach as well as step up the technology.
EkStop.com launched its services in Mumbai last year. The company aims to provide quick same-day delivery convenience and service of a kirana store coupled with the wide product variety, promotions and discounts of a hypermarket.
The company has partnered with over 500 brands to offer over 8,000 products and has its own in-house logistics and warehousing capabilities.
Sumat Chopra, Co-Founder and CEO of EkStop.com, said, “Ekstop.com offers consumers a convenient, efficient and cost effective alternative to the kirana and the supermarket. We have, in a short span, seen incredible customer traction and retention.”
A statement from the company said that the latest investment is in line with the company’s strategic approach towards building e-commerce verticals.
Abhishek Shah, AVP, Private Equity, Unilazer Ventures, said, “I see tremendous potential and scalability for the e-grocery space in India.
A disconnected last mile experience for the customer, high customer life time value, and an ability to build local monopolies in the top metros of India – are all exciting opportunities for this kind of business to grow exponentially.”
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