Bangalore-based Agnus Capital has invested $3.6 million (Rs 23 crore) in a bridge round of investment in Scootsy – a Mumbai-based on demand delivery startup. Scootsy plans to utilize some of the funds received in strengthening its technology, logistics and delivery platform.
Alongside this, Scootsy also plans to use the capital to launch new services. Scootsy Express is a that is being introduced wherein food will be delivered to corporate offices across Mumbai. In addition, a kitchen and distribution platform will be made available to brands across the country called Sccotsy Pop-up.
Scootsy Logistics delivers various products including food, home décor, books, fashion apparel and accessories and more. The startup is currently operational in Mumbai and claim to have a user-base of 200,000.
Scootsy is a part of Ant Farm, an incubator firm that is also Mumbai-based. Ant Farm had acquired online food ordering platform Meals on Wheels in February 2015 which was brought under Scootsy.com. With this, the founder of Meals and Wheels was brought on board as CEO of Scootsy.
Over the past year-and-a-half, investors have grown cautious of dabbing into the hyperlocal segment. This is primarily due to the lack of a sustainable business model from these ventures. Some well-funded brands like PepperTap and LocalBanya have closed down because of this. Earlier this year, Chennai-based hyperlocal delivery startup Genie Solutions Pvt. Ltd. Had to shut shop as well since it failed to raise funds.
