Hey Deedee, the Mumbai-based all-women last-mile logistics service startup, raises pre-seed funding of $500,000 (Rs 3.3 crore) from US based early-stage investor Metaform Ventures LLC.
Hey DeeDee, founded by Revathi Roy, the all women last mile delivery startup that trains and provides employment to women from the less privileged section of the society has raised pre-seed funding of US $500,000 from US based early stage investor Metaform Ventures LLC.
‘We need women at all levels contributing to change the dynamics on reshaping of our economy. An empowered woman is powerful beyond measure and capable beyond description’, Nilesh Jain
Metaform Ventures, headed by Technopreneur Nilesh Jain, has invested in other leading startups like Clinivantage, Picostone, Actofit, Agilebots, iVape.in, Log9 Materials amongst other start-ups and Z Nation Lab accelerator.
Speaking on the investment, Niles Jain said ‘Last Mile delivery services have huge growth potential on the back of the growing e-commerce industry in India. Hey DeeDee, as a company, has already partnered with leading retailers and online service providers’.
Hey DeeDee is the delivery partner with the likes of Amazon, Shadowfax, Subway, Ecom Express, Godrej Nature’s Basket and Birdy’s amongst other brands.
‘I also chose to back Revathi Roy for her enduring leadership on empowering women in logistics, a fast growing, untapped (women powered) sector with much needed diversity’, says Nilesh Jain
The company trains and provides employment to women from the less privileged section of the society along with helping them to get loans for two-wheelers and also employs them as last-mile delivery executives. Hey DeeDee has over 2000 registered women and 62 riders working across Mumbai, Bangalore, Nagpur and Pune. The company plans to train and employ 10,000 women this year and become one of the largest solution providers for hyper local companies. Speaking about his investments, Nilesh Jain said ‘Hey DeeDee continues to break down walls and defy stereotypes; creating a sector for women empowered logistic’
Hey DeeDee is also looking at extending its services to logistics in 4 wheelers like smaller tempos and commercial delivery vehicles in the near future.
Speaking on the investment, Revathi Roy informed ‘We will utilize this fund to expand our presence in more 10 locations across India and also to further improve our technology infrastructure’.
Metaform Ventures along with its accelerator Z Nation Lab finds, funds, fast tracks the best founders to grow in the areas of IoT, Healthtech, Artificial intelligence and machine learning.