Chennai based One Hour Bazaar (1HB) has announced successful fundraising for its Online Grocery Delivery Services launched last year during the pandemic. Conceived by Mr V Vijayakumar and alumni of IIT Bombay and his sister Ms Madhu Gayathri Vaithiyanathan, alumni of IIT Madras this pioneered the concept of express delivery by promising the customers delivery with an hour of order.
With unique and distinctive technological advantages the company is well poised to offer customer delight in the coming days. Already the company has a loyal base of customers over the last one year. The company has a strong professional team drawn from the Banking, logistics and retail sector.
Mr. S.V.Raja Vaidyanathan till recently the MD of Asirvad Microfinance Limited has come on Board with a 25% stake for an undisclosed sum in the company. Mr Vijayakumar, CEO of Voice Gear Networks said that the investment will enable to reach out to another 100,000 customers from the present base by offering online grocery with superior service and at an affordable price. He said that the 1HB app offers ease of ordering online groceries and is backed by quicker service delivery. He conveyed that 1HB has ambitious plans and this initial funding from him and guidance will steer the company to greater heights in quick time.
Mr S V Raja Vaidyanathan said that the business model is highly scalable and efficient and the recent investment from him will enable to scale business in multiple locations. He is also from IIT Madras and a MBA for IIM Calcutta besides being a qualified Cost Accountant and a Company Secretary. With 4 decades of experience in Telecom, Retail, Financial Services he brings in tremendous start up experience having worked in about 6 such projects two of which he promoted. The MFI he was heading until recently was built from scratch to a 1400 branch PAN India INR 7,000 crore AUM company. He had an Investment Banking company in the nineties.