E-commerce and logistic Startup Yodacart receives 225,000 USD funding
Yodacart, an e-commerce start-up by XLRI Jamshedpur student Vikas Sharma, has received pre-seed funding of 225,000 USD from Ajith Daniel, a New York-based Angel Investor, according to a press release from the company.
Ajith is a serial entrepreneur with three successful exits over US$200 Million, and is a Strategic Growth Advisor to many start-ups. Incidentally, Ajith is also an XLRI alumni.
Yodacart specialises in last-mile logistics and same-day delivery and support, helping ease decision-making on the purchase of consumer electronic products through Artificial Intelligence (AI) and Machine Learning (ML).
The current online penetration in appliances is merely 2-3%, and Yodacart aims to drive it up to 10%. As such, the funding will further enable it to reinforce its tech offerings and expand its presence in the Indian market.
Founded in 2019, Yodacart originally began as Adofix, a last-mile logistics company for large consumer and commercial appliances, serving the Mumbai, Navi Mumbai and Thane areas.
As sales increased and revenues spiked, Vikas also very quickly noticed a vast gap in consumer expectations while shopping, delivery and installation of purchases, post-purchase customer experience expectations, and actual ground reality, and in 2020 started laying the foundation for an immersive hyper-personalized customer-centric, easy to use platform, which intuitively helped customers find the right product for their unique requirements.
With an existing presence in Maharashtra and covering more than 350 SKUs, the company plans to use the funds to enhance the platform, expand product categories, and expand nationally, growing its services by 50X within the next year.
Founder and CEO of Yodacart, Vikas Sharma, said, “So far, our specialisation has primarily been in five consumer electronics categories, including Air Conditioners, Televisions, Washing Machine, Refrigerator, and Water Purifier. Through this funding, we aim to further enhance the user experience for our customers, expand operations on a country-wide scale, and deliver efficient and easy solutions for the evolving customer of today.” – TWL Bureau
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