Online grocery platform Satvacart raises third round of Angel funding

Grocery shopping site Satvacart has raised an undisclosed amount from its Angel Round 3 with serial Entrepreneur & angel investor Nimit Panigrahi joining the current round. The firm had earlier announced the participation of ad guru Abhijit Awasthi, SP Vijay of Tarento Technologies and Karan Chellani at the beginning of Angel round 3.

Announcing the development, Rahul Hari, Founder and CEO, Satvacart said “The closure of Angel Round 3 reinforces the validity of our business model and the confidence that we enjoy among investors. With this funding, we plan to enhance our technology and data analytics capabilities to make the business ready for scale up and become self-sustainable, before replicating the business across other geographies. We will be hiring talent across Technology, Data Analytics and Retail for our future expansion and are open to acquiring as well as acquisitions.”

Nimit Panigrahi is a serial investor and entrepreneur. An alumnus of Cass Business School (London), he has extensive experience in business strategy, financial modeling, risk consultancy & mitigation and brand building. Commenting on his decision to invest in eGrocery sector when investors appear to be shunning it, Nimit said, “I am happy to collaborate with Satvacart on its growth journey. The team has been doing a tremendous job by focusing on single geography and cracking the viability part before cracking the scalability part.”