[Funding alert] Convenience store retail chain AMPM raises Rs 1.6 Cr through Agility Venture Partners
Haryana-based convenience store startup AMPM, which aims to be India's answer to Japan’s 7-Eleven, on Tuesday announced that it has raised Rs 1.6 crore in funding through Agility Venture Partners, an angel investor platform.
"We're exhilarated! The initial funding agreement was only for Rs 1 crore, but we saw an over-subscription of Rs 60 lakh. This support and confidence has made us more optimistic of our success in the coming years," said Shubham Gupta, Founder and Managing Director of AMPM.
Shubham further added that the AMPM stores provide Indian and global products across categories like grocery, bakery, confectionery, stationery, pharmacy, and F&B (food and beverages). These stores also have a 24 hours live kitchen cafe with a sit-out, along with delivery.
"Right now, we're live in five cities including Karnal, Panipat, Gurugram, and Yamunanagar. We aim to expand to 10 cities by the end of 2021, with at least 15 live stores across northern India. This will expand to 15+ cities in the next year," Shubham said.
Agility Venture Partners, a New Delhi-based investor fund, has plans to invest in 30 startups across 2021 and launch its venture capital fund by September. Backed by a group of 440 investors across five chapters in India and Dubai, the fund has raised about Rs 7 crore for brands like Power Gummies, Vanity Wagon, CivilCops, and more earlier.
"We are happy that our efforts have aided AMPM to find a corpus of Rs 1.6 crore, with an actual valuation of Rs 6.6 crore. We hope we can power many other brands this year to find the fuel for their billion-dollar dreams,” added Prashant Narang, Co-founder of Agility Venture Partners.
This investment round from Agility also had Vineet Gupta, a successful entrepreneur himself, taking up the role of a mentor and lead investor in AMPM.
Edited by Megha Reddy