The funding will help ASTRO acquire more customers, expand its team, and accelerate product development. Here are the top-line bullets you need to know.
ASTRO, a 15-minute grocery delivery provider, has raised $60M in a Series B. The round drew participation from Accel, Tiger Global Management, Sequoia Capital India, and Global Founders Capital, among others.
How’s the company performing?
- Indonesia-based ASTRO delivers groceries and other everyday essentials to consumers within 15 minutes via its network of dark stores.
- Over the past few months, it has watched its revenue grow by more than 10x and seen 1M downloads.
- ASTRO currently offers more than 1.5K SKUs via its app.
- It maintains a fleet of nearly 1K delivery drivers and operates in about 50 locations across Greater Jakarta.
- The startup is currently supported by a team of over 200 employees.
Why does the market matter?
- The global online food delivery market is expected to reach a value of $63.6B by 2025, growing at a CAGR of 15.4%, according to Grand View Research.
- Changing consumer preferences are contributing to growth in this market. For example, the demand for fresh food options and fast delivery has increased, particularly among millennials.
- Online delivery volume skyrocketed in the face of pandemic-related lockdowns, store closures, and social distancing protocols.
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