india

Startup raises ₹4.5 crore seed fund

A startup from Hyderabad focused on making last mile delivery easier for companies and their customers with its nano distribution centres has raised a seed funding of ₹4.5 crore.

Exprs, the start-up, said the funding is by Lets Venture, Angel List and DCF Advisory.

The investment is led by angel investors Sweta Rau and Sandeep Kapoor. It had earlier raised ₹2.2 crore in the pre-seed round.

Founder and CEO Srinivas Madhavam said the nano distribution centres are established in high demand clusters such as gated communities, tech parks, universities and commute points such as railway stations.

Typically kiosks, they serve as the point where e-commerce firms or their delivery associates drop the ordered goods for onward delivery to the intended customer. From there, the packages are delivered by Exprs at the respective doorstep or handed over when the customer comes to pick up. For the startup, Hyderabad and Bengaluru are major markets and it is pursuing plans to scale up operations across Mumbai and Chennai in near future. It has launched the facility at four railway stations in and around Mumbai.

Million deliveries

A release on the fund raise said the startup has fulfilled more than a million deliveries in the first year of operations in these four cities. E-commerce companies, D2C brands, MSMEs and homepreneurs have partnered with Exprs.

During the pandemic, gated communities across Hyderabad and Bengaluru partnered with the startup to launch ‘real contactless deliveries’ where a set of pre-screened, dedicated, on-campus delivery executives helped to restrict the entry of large pool of delivery executives.

Source: Read Full Article