OZi is a direct rival to Bengaluru-based Peeko, which was led by Stellaris Ventures Partners and raised $3.2 million last month. All of the main rapid commerce systems, including Zepto, Instamart, Blinkit, and BigBasket, are also indirect competitors of the firm.
The fundraising event coincides with the rising usage of quick commerce platforms.
The participants in this market are actively raising money to satisfy the growing demand. According to reports last week, Zepto, which was last valued at $5 billion, was negotiating a $450 million deal with US pension fund Calpers and General Catalyst at a $7 billion valuation.
A number of specialty companies are also sprouting to cater to particular categories as big startups move beyond groceries in an effort to increase their proportion of consumer spending.
For example, Swish delivers appetizers in ten minutes, while Slikk, KNOT, and ZILO concentrate on clothing.