Bangalore: Hyperlocal grocery store and managed services company Dusminute has raised Rs 11.5 Crores in a bridge Round led by Inflection Point Ventures. The funds will be utilized to drive Dusminute’s growth in Bangalore.
The Round has seen participation from multiple existing investors and industry veteran angel investors syndicated by an angel investor and banker, Bandana Kankani.
Dusminute is building a brand catering to the grocery needs of affluent and elite residents in gated communities. While existing quick commerce and traditional e-commerce players have limitations, such as product quality, delivery time issues and unit economics, Dusminute aims to fill this gap as a crucial third layer. With its hyperlocal omnichannel platform, Dusminute provides a convenient and timely solution for daily essentials and groceries specifically tailored to the needs of these communities.
Dusminute was founded by Apoorva Mishra, Ankita Asai, and Nikhil Gupta, who bring a solid academic background with B.Tech degrees from prestigious institutions like IIT Kanpur and IIT Delhi. Apoorva Mishra, CEO of Dusminute, is an expert in crucial operation areas like finance, business operations and strategy, honed through his experience as the founder of Gapoon and previous roles at EXL and Fractal. Ankita Asai, the CPO, specializes in product development, processes and growth, having also founded Gapoon and worked at Schlumberger. Nikhil Gupta, the COO, focuses on efficient operations, with prior entrepreneurial experience at Gapoon and background at Fractal.
Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures, says, “DusMinute aims to take quick commerce a notch higher by leveraging an omnichannel approach. It blends the best of both worlds of quick-commerce operators, a quick delivery provider and the convenience and healthy unit economics of a neighbourhood Kirana store. In-society stores make customers more comfortable buying and exchanging products, and home delivery provide convenience with a familiar touch of Kirana stores. We believe such a hybrid model has the potential to emerge as a good alternative to users and will establish itself as a recognizable brand in coming times.”
Dusminute plans to expand its operations to the top 7-8 cities in India, leveraging its successful foundation and meeting the growing demand for convenient grocery solutions within apartment complexes.
Its niche focus on apartment complexes and its innovative omnichannel model combining a superstore and super app sets it apart, offering convenience, high-quality products, and addressing product quality and delivery time concerns. With a low CAC and a captive audience, Dusminute’s profitable business model positions it as a leading player in serving the grocery needs of affluent residents.
Apoorva Mishra, CEO of Dusminute, says,“Omni channel is the future of retail, and it’s here already. Dusminute redefines both the offline and online experience for its consumers. This investment will help us to scale up in Bangalore and turn operationally profitable within the coming months. We want to capture a key market like Bangalore, build a profitable business and then enter newer markets in India.”
Dusminute has achieved remarkable success as Karnataka’s leading convenience store chain exclusively serving apartment complexes. With operations currently running in 35 apartment communities and a pipeline of a dozen more, Dusminute has solidified its position as the go-to destination for convenient shopping within these communities. Dusminute benefits from substantial growth potential as the number of residents in gated communities is projected to more than double by 2030.
Founded by Apoorva Mishra, Ankita Asai, and Nikhil Gupta, Dusminute is transforming the grocery ordering experience for residents in gated communities. Their innovative approach leverages relationships, data, and proximity commerce. Dusminute adopts a unique omnichannel strategy by partnering with developers and Resident Welfare Associations (RWAs), offering a superstore within the community premises that provides a wide range of products, including vegetables, groceries, bakery items, snacks, and even a pharmacy. In addition, their dedicated super app facilitates home deliveries and offers numerous value-added services like painting, deep cleaning, pest control etc, creating a comprehensive 360° solution for residents’ needs.
About Inflection Point Ventures & Physis Capital
Inflexion Point Ventures (IPV) is an angel investing platform with over 8600 CXOs, HNIs, and Professionals to invest together in startups. The firm supports new-age entrepreneurs by providing them with monetary & experiential capital and connecting them with diverse investors. IPV has launched a $50 million CAT 2 AIF Physis Capital to invest in pre-Series A to Series B growth-stage start-ups.