MyGrahak.com, an ecommerce platform selling food, grocery and household items has revealed its investment plans for the next three years. The company plans to raise a total of Rs 200 crore till 2015, by which time it also hopes to have a turnover of Rs. 1,000 crore.
The figures come from MyGrahak.com founder and CEO Ambuj Jhunjhunwala in an announcement, stating, “We would be considering private equity investors for our next level of capital infusion. MyGrahak is gearing up for the next level of growth. Our monthly revenues have crossed Rs. 1.25 crore last month and we will break even by December 2012. We believe the stage is now set for more capital infusion. We plan to use the capital to double our warehouse, to improve logistics and supply chain, for a new office premise in Ghitorni and to enhance our customer experience.”
Based in Delhi, MyGrahak was founded in December 2010 and aims itself at middle- and upper-income Indian families who might lack the time to go out and shop for boring necessities. Jhunjhunwala further specified that they are planning to invest Rs 20 crore ($3.58 million) of that Rs 200 crore total by November 2012. The site also revealed that it currently has only 22,000 registered users on the site, but that it’s growing at the rate of 25 percent per month.