[Funding alert] FMCG wholesale platform ApnaKlub raises $10M from Tiger Global
According to an official statement, the funding will be used to deepen infrastructure in key states, expand the platform from 5000 to 20,000 partners, and build a credit product.
Thursday May 12, 2022,
3 min Read
, an FMCG wholesale platform for low population density markets, on Thursday announced it has raised $10 million in its Series A round from Tiger Global. This follows the $4 million round they raised from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
According to an official statement, the funding will be used to deepen infrastructure in key states, expand the platform from 5000 to 20,000 partners and build a credit product.
Founded in 2020 by HBS alumni Shruti and Manish Kumar, the Bengaluru-based startup aims to disrupt the traditional wholesale FMCG distribution landscape in India through its reseller led B2B platform for retailers and wholesalers based in tier II, tier III areas in India. With ApnaKlub, a user can digitise their wholesale business as a rural wholesaler or expand their business as a shopkeeper.
Speaking about the new development, Shruti, Co-founder and CEO, ApnaKlub, said,
“ApnaKlub helps retailers and traders in tier II and III cities of India to leverage their collective demand and geographic presence, into a flourishing retail business, which provides greater consumer choice and delight, by providing access to a wider range of products at comparable margins, as well as better credit and logistics terms than status quo.”
Further adding, Manish, Co-founder and COO, ApnaKlub, stated,
"ApnaKlub brings the convenience of digital wholesale supply to tier II & tier III smartphone users. It also creates opportunities for regional brands to list their products and earn better by reaching a wider audience across India."
John Curtius, Partner at Tiger Global, said, "Indian CPG retail is a $100 billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels. Shruti and Manish have built a rapidly growing platform based on deep customer insights."
Ashish Fafadia, Partner at Blume Ventures said, "ApnaKlub has been reimagining the supply chain for the rural and semi-urban population. Over the last 18 months, the growth and traction are testimony to the gap that exists in the market and a formidable business model framework has been laid out. The additional capital raise allows the company to further expand its footprint and create a unique supply chain that’s relevant to the growing needs of Bharat. Shruti & Manish as founders bring a strong understanding of the markets through their past experiences and unique insights in the supply chain of India II and III".
“As partners with the ApnaKlub team since the inception of the business, we have been lucky to witness the amazing business growth achieved by the team with a strong focus on unit profitability. We are excited for the future as Shruti and Manish lead the business to greater heights”, said Anshu Prasher, General Partner at Whiteboard Capital.
Edited by Anju Narayanan