Supr Daily secures ₹10 crore funding from a clutch of Silicon Valley heavyweights
Supr Daily, a subscription-based daily consumables delivery service, has raised ₹10 crore from a clutch of Silicon Valley heavyweights. The Mumbai-based firm, has raised the fresh capital from Soma Capital, Great Oaks Ventures, and 122 West Ventures, among others.
Apart from them, Y Combinator partners Paul Buchheit and Jared Friedman have also participated in the round, along with RedMart founder Roger Egan. Jared Friedman, partner at Y Combinator, said,
Supr Daily is solving an original Indian problem with unique insights about the Indian market. Their approach to building an everyday supply chain by piggybacking on the daily milk habit is truly remarkable.
Earlier this year, the startup got selected for the winter batch of Y Combinator, which is one of the top startup accelerators in the world. As a part of that incubation, the company also received funding of $120,000.
Prior to that, the company had raised undisclosed amount in its seed funding round from Apoorv Ranjan Sharma, Anil Jain, Anuj Golecha, Krishna Jhunjhunwal and Anirudh Damani.
Supr Daily was founded in 2015 by IIT-Bombay alumnus Puneet Kumar and Shreyas Nagdawane. The company claims to have served more than 1 million deliveries since inception and commands a higher margin as compared to the industry average of 3-4%. It claims to clock margins ranging between 10% and 15% per order.
As per Puneet Kumar, co-founder of the company, the elimination of 4-5 layers of middlemen helps cut the delivery cost and also swell the margins per order and that in turn has aided the milestone of operational profitability.
It is a subscription brand that delivers daily consumable goods such as milk, bread, eggs, coconut water, etc to its users every morning. The company 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 1-3.
Supr Daily claims a monthly revenue growth rate of over 30% as it closed FY17 and is looking to beef up its 50 member delivery fleet as it scales in the city this year.