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November 10, 2011

Profile of online vegetables delivery firm Veggiebazaar

An extract from The Economic Times profile
... His business model is simple: Veggibazaar.com takes orders online and delivers the very next day. This not only ensures freshness of the products—an essential feature of the company—but also means that he does not have to worry about bulk storage space and associated facilities, which is a huge saving.

... Since its launch, Venkatesan has pumped another Rs 1.2 crore into the company, of which Rs 60 lakh came from the couple's saving, Rs 40 lakh was raised by diluting the shares through a CA firm, while the balance was borrowed from family and friends. Venkatesan's effort is beginning to pay off. The company broke even in March this year, and has been yielding monthly revenues of about Rs 11 lakh ever since. Venkatesan says that he is now looking at the franchisee model for further expansion, both within Chennai and outside, starting with cities such as Bangalore,Trichy and Coimbatore.

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