Unilazer invests in Indian e-commerce firm EkStop, picks up 25% stake
EkStop Shop Pvt Ltd, the operator of grocery e-store EkStop.com, has raised an undisclosed amount in funding from Unilazer Ventures. Under the terms of the transaction, Unilazer has taken a 25% stake in the e-commerce company, according to TechCircle.in.
The grocery e-tailer will use the acquired funding to build its technology, hire new talent, and expand the firm's reach across the country, the report said.
Co-founder and Chief Executive Officer Sumat Chopra had earlier said that EkStop was close to raisng $2.5 million in its Series A funding round. However, the exact amount secured in the round was not disclosed, the report detailed.
The Mumbai-based firm was established by Chopra and Shaurya Mehta in May 2012. The startup is an e-commerce retailer that specializes in home deliveries of supermarket and grocery products. EkStop presently delivers all across Mumbai. Right now, the company is planning to launch its delivery services to Thane and Navi Mumbai by February this year, TechCircle.in reported.