[Funding alert] B2B agri-commerce startup SuperZop raises Rs 8 Cr from SIDBI Venture Capital and CIIE Initiatives
B2B agri-commerce startup, SuperZop on Wednesday announced that it had raised Rs 8 crore in pre-Series A funding from MS Fund of SIDBI Venture Capital Limited, IIM Ahmedabad’s technology incubator, CIIE Initiatives and angel investor Gurumurthy Raman.
The company plans to use the funds to expand their existing store network, aiming to reach over 30,000 B2B customers over the next year. It will also strengthen the technology platform for better customer experience on service, as well as develop a robust technology-enabled supply chain to support faster growth.
Started by IIM-Ahmedabad and XLRI alumnus, Darshan Krishnamurthy, Raghuveer Allada and Prithwi Singh, SuperZop allows retailers to order quality staples (dry agriculture commodities like rice, wheat, pulses etc) in best prices directly from large selection of mills, farmer producer organisations and farmers.
Further, with SuperZop's vernacular interface the retailer can order all his grocery demands online and have the goods delivered at his shop in quick time.
A spokesperson from SIDBI Venture Capital Limited, said
“It gives us immense pleasure to collaborate with a partner like SuperZop, which understands the pain-points of kirana stores in the era of modern trade and offers them wide variety of best quality staples at the lowest prices. This also benefits the farmers by getting an access to a platform that can offer higher prices to their produce by leveraging emerging technologies and by providing superior customer experience. We are looking forward to this purpose driven journey.”
The commerce platform also offers hassle free credit and next day delivery to retailers.
Currently, SuperZop has a network of more than 3000 retailers in Mumbai.
Sharing his thoughts on the funding, Vipul Patel, Vice President, Investments, CIIE Initiatives said,
“90 percent of $500 billion food and grocery market is served by 10 million unorganised small retailers. Staples is more of a channel driven product than brand driven and Superzop is building a strong channel for staples by using technology, data science and offering institutional credit to the small retailers. The fund will be supporting Superzop’s team in scaling its operation in Mumbai and strengthening its technology platform.”
Gurumurthy Raman, CIIE Initiatives and SIDBI Venture Capital chose to fund SuperZop keeping in mind the growing B2B agri-commerce space.