India-based contactless retail store Gobbly has raised Rs72m ($978k) in its latest pre-Series A funding round led by Anicut Angel Fund and Sauce.VC.
Agility Ventures and other investors, including CRED founder Kunal Shah, People Group founder and CEO Anupam Mittal, Nic Naturals founder Jitendra Bhandari, Mosambee co-founder Sameer Chugh and entrepreneur Mihir Agarwal, took part in the round.
The company aims to use the funds to help make shopping safer for consumers as the world emerges from the Covid-19 pandemic.
In a statement, Gobbly said: “The fresh funds will be focused on strengthening the company’s position as one of the fastest-growing retail tech start-ups in India.
“[They] will further allow the company to use the capital for technology, business development, product innovation and development, and expansion.”
Gobbly was founded by Amit Ahuja and Ankur Agrawal and offers farm-fresh fruits, vegetables and dairy products.
It implements self-checkout stores to harness captive affluent customer bases such as housing societies, residential apartments and gated communities and offices.
Investment bank Dexter Capital served as Gobbly’s exclusive financial advisor during the process.
Mr Ahuja said: “We are combining the convenience of online shopping with the instant gratification of real-world retail.
“Marry that to our strategy of maximising captive spaces on the back of our indigenously developed tech stack and we get an unfair edge over our competition while catering to a huge commerce opportunity in apartments.
Mr Agrawal said: “With this funding, we are now excited to tap the retail opportunity present inside residential apartments.
“These places are a hub of tech-savvy millennials with high purchasing power creating social communities in their own right, providing a perfect platform for Gobbly.”
Sauce.VC managing partner Manu Chandra said: “Self-checkout technology is the future of retail, and Gobbly’s homemade tech is enabling consumers instantaneous gratification 24/7 in the most concentrated and captive affluent customer bases – societies and offices.”