Ronnie Screwvala’s Unilazer Ventures picks up 25% stake in EkStop Shop for an undisclosed amount

07 Jan,2014

By Biswarup Gooptu

 

Unilazer Ventures has picked up a 25% stake in online grocery retailer EkStop Shop for an undisclosed amount, the family office set up by former Walt Disney India head Ronnie Screwvala announced on Monday.

 

Proceeds from the Series A round of funding will be used by the Mumbai-based EkStop Shop, which runs the e-commerce website EkStop.com, to build its technology, hire talent and expand it geographical footprint, according to a press statement released by Unilazer Ventures.

 

Launched in 2012, EkStop Shop is an e-commerce retailer specialising in home deliveries of groceries, supermarket products and daily essentials, and delivers all across Mumbai. It plans on launching services to Navi Mumbai and Thane by February later this year.

 

“I see tremendous potential and scalability for the e-grocery space in India. A disconnected last mile experience for the customer, high customer life time value, and an ability to build local monopolies in the top metros of India – are all exciting opportunities for this kind of business to grow exponentially,” said Abhishek Shah, AVP – Private Equity at Unilazer Ventures.

 

EkStop Shop has partnered with over 500 brands to offer over 8,000 products. It also has its own in-house logistics and warehousing capabilities. The startup had earlier raised an undisclosed amount of capital from a group of angel investors.

 

“Ekstop.com provides consumers a convenient, efficient and cost effective alternative to the corner store kirana and the supermarket. We have, in a short span, seen incredible customer traction and retention,” Sumat Chopra, co-founder and chief executive of EkStop Shop.

 

While sector and stage-agnostic, Unilazer Ventures has a strong investment focus on India’s early-stage internet ventures. In December it led a $6 million investment in lingerie retailer Zivame, a transaction in which the Bangalore-based e-commerce company’s existing venture capital backers IDG Ventures India and Kalaari Capital also participated.

 

It has also invested in Valyoo Technologies, the parent company of online retailer LensKart.com, and agri-farming and horticulture firm INI Farms.

 

As part of its mandate, Unilazer invests across three major asset classes – fixed income and commodity, public equity investments and seed-to-growth stage investments in privately held companies and startups.

 

Source:The Economic Times

Copyright © 2013, Bennett, Coleman & Co. Ltd. All Rights Reserved

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