Gurgaon based hyper-local delivery platform, Baxi has now secured a bridge funding round from some of the existing angel investors.
The angel investors include the Mahendra Pratap, and Nitin Singhal both of them together invested around Rs 2 crore in the platform, according to the report.
The company will now be going to use the capital to expand its delivery services across the 200 neighborhoods in the New Delhi and Gurgaon by the end of this July. It as of now serves 20 sectors in the Gurgaon and one in Dwarka. Baxi delivers the groceries, milk and some of the household products at the fixed hours at the time of morning.
“The money will be used to hire key team members, market the service and strengthen our operations as we gear up to cover the entire Delhi-NCR (National Capital Region) area over the next few quarters,” chief executive Ashutosh Johri said. “Our model has three unique aspects. It is asset-light and doesn’t need expansion investment; it has driver stability as we use hyperlocal part-timers for hyperlocal delivery, and above all, it has the lowest gross cost of delivery even on day one,” he added.
The company has now also partnered with some of the retail chains which include the Patanjali Ayurved and Mother Diary to make the deliveries from their retail outlets itself.