Dailyninja founder’s startup GoodGudi raises seed round
In the vibrant month of June, Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar joined hands to establish the promising venture known as GoodGudi. Anurag Gupta and Sagar Yarnalkar, the visionaries behind the successful e-grocery enterprise Dailyninja, later celebrated its acquisition by industry giant BigBasket. On the other hand, Chandan Kumar proudly wears the hat of a co-founder in the world of manufacturing and retail excellence, known as Setner.
GoodGudi, an emerging lifestyle retail chain specializing in household and consumer goods, has successfully secured initial funding from a group of enthusiastic investors. Leading the investment round is AC Ventures, with valuable contributions from April Ventures, Capinity Partners, High-Net-Worth Individuals (HNIs), and prominent angels, including Kunal Shah and Aprameya Radhakrishna.
Although the precise amount of the capital infusion remains undisclosed, insiders suggest that the funding round ranges anywhere from $800,000 to $1 million.
The brainchild of Anurag Gupta, Sagar Yarnalkar, and Chandan Kumar, GoodGudi has ambitious plans to establish over 40 retail outlets within the coming 24 months. In terms of brand identity and market positioning, GoodGudi bears a striking resemblance to the renowned Japanese retail giant, Miniso.
As per the company’s statement, their primary focus will revolve around functionality, encompassing a diverse array of product categories. These include but are not limited to home essentials, travel accessories, thoughtful gifts, stylish fashion accessories, personal care items, kitchenware, stationary supplies, items for children, and a wide selection of toys.
The entrepreneurial duo of Gupta and Yarnalkar, well-known for their e-grocery venture, Dailyninja, found themselves being acquired by the renowned Tata-owned grocery giant, BigBasket, in early 2020.
Yarnalkar told ET in an interview that the company will spend the first six months setting up and operating seven to eight outlets, with the first three set to open in Bengaluru by the end of October. After the 20th location, the company plans to transition entirely to a franchise model.
The inception of this concept occurred during our conversations about Miniso’s remarkable achievements in the Indian market. Following an extensive evaluation of their outlets nationwide, it became evident that they were achieving an impressive monthly average revenue of approximately Rs 20-25 lakh. Notably, their gross profit margins soared to an impressive 70%,” shared Yarnalkar during an interview with ET.
“Our initial strategy entails a thorough examination of the Bengaluru market, where we plan to establish 7 to 8 retail outlets within the next year. What sets us apart is our commitment to continually introduce fresh designs and innovative product ranges. Every 30 days, our customers can expect to find something new and exciting adorning our store shelves. This approach is designed to craft a shopping experience that is both captivating and dynamic,” expressed Chandan Kumar during an interaction with Entrackr.
The rapid-paced world of lifestyle retail has experienced remarkable global triumph, featuring prominent leaders such as Miniso, Daiso, Mumuso, and Ximivogue, all steering lucrative enterprises. Notably, Miniso has ventured into the burgeoning Indian market, now overseeing a vast network of over 250 stores across the nation. Meanwhile, the dynamic duo of Goodgudi, led by Gupta and Yarnalkar, is embarking on an offline retail adventure, capitalizing on their valuable insights gained during the inception of Dailyninja. It promises to be an exhilarating journey, observing their performance as seasoned entrepreneurs once again.Top of Form
