The London-based on-demand delivery startup Jinn has recently raised over $10 million in further funding. To people who do not know, Jinn is the same-hour ‘shop on your behalf’ delivery application that operates in Spain and the UK currently.
Jinn has raised overall $20 million in funding now
The London-headquartered startup brings the overall raised funding by the company to a decent $20 million which in comparison to its competitors in the on-demand delivery market is pretty modest. You must be wondering which companies backed the round: the investors are family investment office STE Capital with participation from Samaipata Ventures and several other previous investors.
Samaipata Ventures, which is now sold to Rocket Internet, is a Spanish VC that was started by the founders of La Nevera Roja (a take-out ordering service). According to the on-demand delivery startup, it is planning to use the increase in capital to grow and consolidate its presence in its main markets. The news site TechCrunch notes in its report that it probably means that the startup is focusing on the geographies where it is already seeing success instead of necessarily expanding into new countries. Also, the startup wants to make sure that more people in the existing locations know about the proposition and brand of Jinn.
The startup says that it has positive contribution margins in all markets and it is expecting to be profitable in 2018. The company, which launched in late 2014, surpassed 1 million deliveries recently.
What is Jinn planning?
The London-based startup is trying to turn almost all local stores into a loosely connected warehouse powered by its courier network. The startup allows the people to order anything locally for delivery (anything, even food), just like its U.K-based competitor Quiqup, and Postmates in the U.S.
For delivery of products, the user has to just browse the location-based app for products that they want to buy and enter their request in a free form text field. Next, a self-employed courier goes to the store and buys the products and delivers the products to the user. The service runs 24/7 so the user does not have be worry about the time, which is possibly the reason why Jinn is so popular among the students who study late.
The U.K.-based startup continues to push into several categories – instead of just ‘takeout food’ – like groceries. Mario Navarro, the chief executive officer and co-founder of the startup, says that the grocery category accounts for over 15% of orders now. Just a year ago, that percentage was mere 5%. Non-food products like health and beauty products are a target as well.