Underlining its commitment to promoting disruptive start-ups across market segments, Venture Catalysts, India’s leading & fastest growing seed investment and innovation platform, has enabled an undisclosed seed investment into Supr Daily, an innovative, habit-forming app. Venture Catalysts angel investors Dr. Apoorv Ranjan Sharma, Anil Jain, Anuj Golecha, Krishna Jhunjhunwal and Anirudh Damani led the investment round.
Founded in 2015 by Puneet Kumar (alumnus, IIT-Bombay) and Shreyas Nagdawane (alumnus, IIT-Bombay and IIM-Bangalore), Supr Daily 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 INR 1-3 as compared to the e-commerce benchmark of INR 50. Its novel business model has enabled Supr Daily to already achieve operational profitability, and was instrumental in helping it secure a previous seed investment from Snapdeal founders Kunal Bahl and Rohit Bansal, two of the leading names in the Indian entrepreneurial and angel investment landscape.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, said, “What the team at Supr Daily is doing in the daily needs market is extremely unique. By building an exceptional delivery infrastructure from scratch, they have already taken the last mile delivery cost down by more than 90%, something which a lot of other habit forming apps and e-commerce players are still struggling with. We are extremely excited to add such an innovative venture to our portfolio of investee companies, and will be paying close attention to its future growth and scale.”
Several other angel investors also participated in the funding round, including prominent names such as Dheeraj Jain (partner at Redcliffe Capital) and Harsh Rajgarhia (Overnite Express).
“Supr Daily’s model is very uniquely Indian. The team has figured out the supply chain part so early on, which is usually the hardest and the most important part in any e-commerce business,” said Kunal Bahl, Co-founder & CEO, Snapdeal.
Supr Daily’s doorstep delivery and convenient management of subscription has driven great consumer traction, allowing it to serve close to half a million orders till date. Currently active in many parts of Mumbai, the platform will be using the funds raised through this round to scale up its pan-Mumbai operations in the next 6 months.
Shreyas Nagdawane, Co-founder, Supr Daily, said, “The key characteristic which sets aside this market is that the consumption behaviour is very high repeat and the market is already accustomed to a subscription based model”.
“Our full stack approach in terms of sourcing, distribution and last mile delivery has enabled us to deliver delightful consumer experiences while making positive contribution margins on each delivery” added Puneet Kumar, Co-founder, Supr Daily.
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