Bangalore:New Delhi based an online grocery and food retail, e-Commerce portal 24X7Fresh plans to raise $20 million from a group of investors including SAIF Partners and Ivy. The fund will be utilized to advance its technologies and setting up warehouses in order to maintain logistical support, help in marketing activities and facilities goods sourcing. The firm likewise plans to hire about 5,000 employees over the next two years, including 3,500 in this fiscal year.
Founded in 2014 by IIT engineers Randhir Kumar along with two other co-founders, 24x7Fresh offers a wide range of varieties including Fruits, Vegetables, Staples, Beverages, Baby Care, Health & Beauty Range, School & Office Stationary and many more. Began with an inventory of almost 15,000 products, the firm claims to deliver its products within an hour of ordering and help consumers to save more money.
Randhir Kumar, Co-Founder, 24X7Fresh – who also runs mangoesfresh.com, says, “The online grocery store aims to proffer convenient grocery shopping keeping a close eye in providing quality and fast delivery. Our innovation is to deliver over 15,000 products within one-hour and clearly set us apart from other players in the market.”
Expanding its reach, the company online grocery business market is worth about 500 crore and is expecting to grow to about 2,000 crore in two years.