Over the next 6 to 12 months, the company plans to expand into surrounding towns and nearby density clusters, deepen its assortment across grocery and daily essentials
BazaarNow, a habit-led quick commerce platform, has raised Rs 72 crore in its latest funding round. The round was led by Peak XV Partners with participation from Whiteboard Capital and Antler, along with angel investors including Vidit Aatrey, Founder and Chief Executive Officer, Meesho and Karthik Gurumurthy, former Head of Swiggy Instamart.
The company will utilise the fund to strengthen its quick commerce service for the non-metros. In its first pilot city, BazaarNow has scaled to more than 1,800 orders per day per store. Over the next 6 to 12 months, the company plans to expand into surrounding towns and nearby density clusters, deepen its assortment across grocery and daily essentials, strengthen its supply chain and continue improving its local-language and habit-led product experience.
Grocery buying in tier 2 and 3 cities does not look like ecommerce in metros. It is more local, more habitual and much more value-conscious. Our view is that quick commerce for the next over 700 Indian cities has to be built differently. Customers should not have to navigate complicated coupons, wallets or discount constructs to buy everyday essentials. They should get the right local assortment, fresh produce, simple ordering and fair pricing every day,” stated said Priyanshu Jain, Co-founder and Chief Executive Officer (CEO), BazaarNow.
The company’s operating model is based on problem of quick commerce’s concentration in the large urban centres. The company noted that grocery buying still revolves around a mix of local mandis, kirana stores and offline retail for everyday grocery needs.
“In these markets, grocery buying is deeply habitual. Families buy fruits and vegetables early in the morning, pick up staples from neighbourhood stores, and make frequent, routine purchases driven by convenience, trust, freshness and price,” it explained.
The company added that its platform focuses on local assortment, regional brands, fresh fruits and vegetables and a vernacular-first user experience. It also offers assisted shopping, including call-to-order support, for users who prefer a more familiar buying experience, the company claimed.
