The Times Group picks stake in Avenue11
By Satarupa Chakraborty | September 21, 2018
Bengaluru-based O2O grocery company, Avenue11 has raised INR 26 crore from Brand Capital, the strategic investment arm of the Times Group. Avenue11 will soon establish a unique O2O (Online-to-offline) model and will invest in geographical expansion of the business to increase its brand presence.
Avenue11, the Bengaluru-based O2O grocery company has raised INR 26 crore from Brand Capital, the strategic investment arm of the Times Group. This investment by Brand Capital will be deployed for geographical expansion of the business to increase its brand presence.
Founded by Korean expat Nakkyun Chong, Avenue11 currently serves South and East Bengaluru, with a customer base of 35,000 people, and a monthly GMV of INR 90 lakh. With the current financial projections and the BCCL partnership, Avenue11 is poised to achieve a GMV of INR 17 crore in 2018.
So far, Mr Chong has been largely successful in making customer experience unique while providing best in grocery and allied needs. In less than a year, he has driven a 54% increase in B2C Gross Merchandise Volume (month-over-month in 2018) and an impressive 45% growth in revenue. An architect by education, Mr Chong indeed has a grand vision to take the Indian F&G industry to the next level.
Mr Chong said, “I started this company with a vision to redefine the way Indians do their grocery shopping. The partnership with the Times Group is a step forward in this direction. Investment from such a noteworthy institution is a sign of trust and belief in our business format.”
With a lot of big players entering the grocery market, this strategic partnership with Brand Capital can be a game changer for Avenue11. This investment will have a positive impact on the strong positioning of Avenue11.