On demand delivery startup Jinn has raised $10 million (INR 64 crore) in series B round of venture funding. STE Capital led this round and due to this investment, total investment in the company rises to $20 million. The startup currently operates in U.K. and Spain. STE Capital was accompanied by Samaipata Ventures and other existing investors.
Co-founded by Spanish entrepreneurs Leon Herrera, Joseba Mendivil and Mario Navarro, Jinn is a technology platform that brings together independent courier services providers with mobile customers provided by Ridee Ltd. The venture is an aggregator of merchants that offer takeaway services within urban areas. Unless otherwise agreed with the merchants, we are not endorsed by them, nor we have any commercial relationship with them.
The app-based platform simply lets you browse the location for items you want to purchase or enter your request in a free form text field, and one of the startup’s self-employed couriers goes to the store, purchases the item and delivers it to you. Another key differentiator is that the service runs 24/7. The companies prime targets are the students.
The company is believed to have 5,000 couriers registered on its platform, with 1,000 of these actively working on a monthly basis. It is reported that the company has surpassed 1 million completed deliveries since launching in late 2014.
At present, the startup is trying to increase its domain by expanding its categories beyond takeout food, such as groceries. Non-food items like beauty and health products are also a target.
Both of these categories play into an on-demand delivery narrative in which companies like Jinn aim to compete with and offer an alternative to Amazon’s own ‘Prime Now’ same hour or ‘Fresh’ grocery shopping offering. Instead of having a central warehouse and bringing goods into the city, the company is attempting to turn every local store into a loosely connected warehouse powered by its courier network, and one that is much closer to where consumers reside.
The company is intending to use the funding to grow in its existing markets as opposed to expanding to new ones. This means to focus on the geographical locations the startup is already seeing success, rather than necessarily expanding into new countries, and ensuring that more consumers in those locations are aware of Jinn’s brand and proposition.
Apart from that, the company also says it has “positive contribution margins” in all markets and expects to be profitable next year.