Delhi-based Connect India, an e-commerce logistics firm, has raised Rs 32 crore from Aavishkaar Venture Management Services which is India’s biggest social entrepreneurship-focused venture capital fund.
Connect India is expected to use the proceeds from the round of funding to launch its commercial operations in 17 States, 150 towns and cities, with 1,500 Connect India Centres in rural and urban markets.
Founded by Vijay Mahajan and LR Sridhar, Connect India wants to create one single physical network for last mile delivery to connect urban & rural India.
The startup has vision of delivering global products and services of E-Commerce to the remotest corner of the country ensuring reliable global experience at local cost.
The startup has already carried out successful trials of e-commerce deliveries, across rural India, in areas that are yet to be served or connected through online commerce initiatives.
Aaavishkaar was founded in 2001, with a vision to catalyze development in India’s undeserved regions and a 10-year goal to invest in 300 start-up companies and raise US$1 billion over the next ten years. So in the past decade, Aavishkar had made 48 investments across eight sectors with 100% seed stage investments and have achieved 11 Full and 4 partial exits and with 90 per cent of the companies having rural and semi-urban markets as their focus.
Over the last decade, Aavishkaar has established a successful track record with over US$ 155 million under management and a diverse portfolio of high-impact businesses at various levels of growth. This spans a range of sectors, namely agriculture, dairy, education, energy, handicrafts, health, water and sanitation, technology for development, micro-finance and financial inclusion.