Venture Catalysts angel investors Dr. Apoorv Ranjan Sharma, Anil Jain, Anuj Golecha, Krishna Jhunjhunwal and Anirudh Damani led the round. Other investors who have participated in the round include prominent names such as Dheeraj Jain (Partner at Redcliffe Capital) and Harsh Rajgarhia (Overnite Express).
Currently active in many parts of Mumbai, the startup will use the funds to scale up its pan-Mumbai operations in the next six months.
Founded in 2015 by Puneet Kumar (alumnus, IIT-Bombay) and Shreyas Nagdawane (alumnus, IIT-Bombay and IIM-Bangalore), Supr Daily is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, coconut water etc to its users every morning. The startup follows a direct-to-consumer model adopted from the daily milk use-case in India to make deliveries, which has allowed it to bring down the delivery cost per order to as low as Rs 1 to Rs 3 as compared to the e-commerce benchmark of Rs 50.
Supr Daily has achieved operational profitability. The startup has previously raised seed investment from Snapdeal Co-founders Kunal Bahl and Rohit Bansal.
Speaking on the investment, Sharma, said, “What the team at Supr Daily is doing in the daily needs market is extremely unique. By building an exceptional delivery infrastructure from scratch, they have already taken the last mile delivery cost down by more than 90 per cent, something which a lot of other habit forming apps and e-commerce players are still struggling with.”
Supr Daily claims to have served close to half a million orders to date.
Shreyas Nagdawane, Co-founder, Supr Daily, said, “The key characteristic which sets aside this market is that the consumption behaviour is very high repeat and the market is already accustomed to a subscription based model”.
Venture Catalysts invests between US$100,000 and US$500,000 in early-stage startups. More than 2,000 angel investors are associated with the fund. It has facilitated investments to the tune of US$3 million in 15 promising startups in the past one year across a range of high-growth sectors such as e-commerce, fintech, artificial intelligence, and logistics.