Satvacart to raise another $2 mn in current round

NEW DELHI: e-Grocery retailer Satvacart today said it is keen to raise another $2 million in current round of funding, in which a clutch of individuals, including Abhijit Avasthi, Karan Chellani and SP Vijay have already invested an undisclosed amount.

The company has also appointed three senior industry professionals - Abhijeet Avasthi (Sideways), Sameer Bagul (EVP & CFO, Cleartrip) and Sri Ramakrishnan, a marketing veteran with 20 years' of experience and a visiting faculty at IIMA with expertise in eGrocery - to its Board of Directors, the company said in a statement.

While Karan Chellani is Partner in Grace Capital, S P Vijay is Founder of Tarento Software, Bangalore.

"Having achieved operating level break-even within 14 months of launch following the vertical expansion strategy, we are now targeting full break-even," Rahul Hari, Co-founder of Satvacart said.