Dusminute, a hyperlocal grocery-store and managed services company, has successfully secured INR 11.5 crore in a bridge funding round, with Inflection Point Ventures leading the investment. These newly acquired funds will play a crucial role in fueling Dusminute’s expansion efforts in the city of Bangalore.
The funding round attracted contributions from numerous current investors as well as experienced angel investors in the industry, who were brought together by the angel investor and banker, Bandana Kankani.
Dusminute specializes in serving the grocery requirements of affluent and elite residents residing within gated communities. Unlike conventional quick commerce and traditional e-commerce firms, which grapple with concerns like product quality, delivery delays, and economic viability, Dusminute aims to emerge as a pivotal third layer. Leveraging its hyperlocal omnichannel platform, Dusminute offers a seamless and prompt solution for daily essentials and groceries, precisely customized to cater to the unique needs of these exclusive communities.
Dusminute was established by Apoorva Mishra, Ankita Asai, and Nikhil Gupta, all of whom possess a strong academic background with B. Tech degrees from prestigious institutions like IIT Kanpur and IIT Delhi. The CEO of Dusminute, Apoorva Mishra, brings a wealth of expertise in key operational areas such as finance, business operations, and strategy, which he honed through his experience as the founder of Gapoon and his previous roles at EXL and Fractal. Serving as the CPO, Ankita Asai specializes in product development, processes, and growth, having also co-founded Gapoon and worked at Schlumberger. Nikhil Gupta, the COO, focuses on ensuring efficient operations, drawing from his prior entrepreneurial experience at Gapoon and his background at Fractal. Together, their combined knowledge and experience form the foundation of Dusminute’s success.
Madhukar Bhardwaj, Sr. Vice President, Inflection Point Ventures, said in a statement, “DusMinute is aiming to take quick commerce a notch higher by leveraging an omni channel approach. It blends the best of both worlds, of a quick-commerce operator as a quick delivery provider and the convenience and healthy unit economics of a neighbourhood kirana store. In-society stores make customers more comfortable in buying and exchanging products and the home delivery provided adds 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.”
With its strong foundation and successful track record, Dusminute is strategically aiming to expand its operations to the most prominent 7-8 cities across India. This expansion plan is driven by the increasing demand for convenient grocery solutions within apartment complexes, presenting a significant growth opportunity for the company. Dusminute’s goal is to capitalize on its expertise and proven model to cater to the needs of a broader customer base and establish a prominent presence in key urban centers throughout the country.
Dusminute stands out due to its specialized concentration on apartment complexes and its groundbreaking omni-channel approach that seamlessly integrates a superstore and superapp. This unique combination delivers unparalleled convenience and top-notch products, effectively addressing worries about product quality and timely deliveries. Benefiting from a low customer acquisition cost (CAC) and a devoted customer base, Dusminute has established a highly profitable business model, making it a frontrunner in catering to the grocery requirements of affluent residents.
Apoorva Mishra, CEO, 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 by becoming Karnataka’s leading convenience store chain exclusively dedicated to serving apartment complexes. With a strong presence in 35 apartment communities and a dozen more in the works, Dusminute has solidified its position as the go-to destination for convenient shopping within these residential areas.
Dusminute is poised to capitalize on significant growth opportunities, given the projection of a more than twofold increase in the number of residents living in gated communities by 2030.