FMCG distribution platform Dropshop will use the funds to strengthen its product and scale up operations to handle more brands and enter new markets like Chennai and Hyderabad.
Bengaluru-based one-stop distribution platform for FMCG brands Dropshop on Monday announced that it has raised Rs 9.3 crore in a pre-Series A round led by Inflection Point Ventures. Existing investors Axilor Ventures and The Chennai Angels also participated in the round, with 42.vc joining the round via AngelList.The funds raised will be used for strengthening the product and scaling up of operations for handling more FMCG brands and enter new markets like Chennai and Hyderabad.
Founded in May 2019 by Udit Dhawan, Rohit Fernandes, and Ravi Teja, Dropshop is a full-stack platform for FMCG companies to digitise their last-mile distribution, sales, logistics, and credit to retailers.
Speaking about the fund raise, Udit Dhawan, Founder and CEO, Dropshop, said,“As one of the largest sectors in India, FMCG is still run over the backs of thousands of traditional distributors. We have been working with several large and small FMCG companies in streamlining their last mile distribution with technology for over a year now, and enabling them to reach their market potential.