Dailyninja Raised $3 Million in Funding led By Saama Capital

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Dailyninja Raised $3 Million in Funding led By Saama Capital

DailyNinja, a hyper-local delivery startup for milk and groceries, has raised $3 million in funding led by venture capital firm Saama Capital, in which existing investor Sequoia Capital also participated. The company plans to use the money to strengthen its operations in Bengaluru and Hyderabad and expand to Chennai.

Founded in July 2015 by Sagar Yarnalkar and Anurag Gupta, DailyNinja handles 25,000 orders daily and expects to increase it to 150,000 in 12 months.

While 2015 and 2016 saw several hyper-local delivery companies including Peppertap, Opinion and Roadrunner shut shop, milk delivery companies have survived because of their improved operational efficiencies.

DailyNinja has emerged the leader in the milk delivery segment, where it competes with Gurugram-based Milkbasket, Bengaluru-based Doodhwala, and SuprDaily. Milkbasket handles about 8,000 daily orders and SuprDaily about 5,000, according to industry estimates. Doodhwala said it averages 15,000 daily orders.

The sector is heating up with investors like Saama Capital and Kalaari Capital, which recently backed Milkbasket, betting on these companies. Also, food-delivery company Swiggy and India’s largest online grocer BigBasket approached Mumbai-based SuprDaily and Pune-based Rain Can, respectively, for possible acquisitions.

DailyNinja works on a subscription model, where customers can place orders for milk, fresh products, and groceries on its mobile app until late at night and these will be delivered at their doorstep the next morning.

The company on-boards milk vendors on its platform to make the deliveries between 4 am and 7 am, which helps trim operational expenses.

DailyNinja currently works with 385 milk vendors who double-up as grocery delivery executives, each on an average handling 150 deliveries daily in Bengaluru. “High logistics cost killed many of the hyper-local companies around 2015 and 2016.

 

Source: ET

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