Hyperlocal services platform Dusminute has successfully raised INR 11.5 Crores as part of a strategic bridge round led by Inflection Point Ventures, where multiple existing investors and angel investor Bandana Kankani also participated. While the names of other participating investors were not disclosed, this funding will enable Dusminute to accelerate its platform’s growth in Bengaluru.
Focus on Bengaluru Expansion and Profitability
Dusminute’s co-founder and CEO, Apoorva Mishra, expressed enthusiasm about the investment, stating that it will aid in scaling up operations in Bengaluru and achieving operational profitability in the coming months. The company aims to capture a significant market share in Bengaluru, establish a profitable business model, and then expand into new cities across India.
Dusminute Hyperlocal Services Platform
Founded in 2017 by IIT-alumni Apoorva Mishra, Ankita Asai, and Nikhil Gupta, Dusminute operates as a hyperlocal services platform that connects users with nearby superstores within gated communities. Users can conveniently order groceries, vegetables, snacks, medicines, and avail various services such as painting and pest control from the nearby stores within their vicinity. The platform partners with developers and resident welfare associations (RWAs) to offer a comprehensive and convenient range of services, catering primarily to apartment complexes.
Dusminute Plans for Expansion and Profitable Business Model
Prior to this bridge round, Dusminute had already raised a cumulative funding of $1.4 Million across two funding rounds in 2021 and 2022. The company now plans to expand its operations to seven to eight top-tier cities across the country. Dusminute positions itself to serve affluent residents and currently caters to 35 apartment communities, with plans to onboard a dozen more apartment buildings soon. The startup operates at the intersection of quick commerce and traditional ecommerce and competes with players like Blinkit, Swiggy Instamart, Zepto, among others.
Quick Commerce Space with High Market Potential
While the quick commerce industry has faced profitability challenges, it offers a significant addressable market. As smartphone and internet penetration continues to rise, experts expect the sector to experience significant growth in the coming years. Reports project that the homegrown quick commerce space will generate revenues of $1.5 Billion in 2023, with expectations of soaring to $7.88 Billion by 2027. Dusminute’s strategic bridge round and focus on profitability position it well to capture a share of this growing market.
Also Read The Latest News:
OpenAI launches customized instructions for ChatGPT
Cybersecurity startup PingSafe raises $3.3 million in Seed Peak XV Partners
