Apna Mart bags Rs 214 Cr funding from Accel and Fundamentum
Bengaluru-based Apna Mart, which competes with SuperK, Wheelocity and Frendy among others, has raised Rs 214 crore in a mix of equity and funding round.
Omnichannel grocery and FMCG chain Apna Mart has raised Rs 214.5 crore in a mix equity and debt round led by Fundamentum Partnership Fund and Accel.
The round, a mix of equity and debt, also witnessed participation from existing investor Peak XV Partners along with Alteria Capital, Sparrow Capital and 2AM Ventures.
The Board of Fleet Labs Technologies, the parent company behind Apna Mart, issued 6,246 Series B compulsory convertible preference shares to raise Rs 176.5 crore along with 3800 debentures to raise Rs 38 crore, according to filings made with the Registrar of Companies.
The development was first reported by Entrackr, which estimates the company's post-allotment valuation to be about Rs 738 crore ($87 million), an 81% jump from its previous funding round.
The Bengaluru-based company saw its operating revenue nearly double to Rs 59.4 crore from Rs 32 crore in FY23. However, its growth came at a cost with its bottom line going further into the red with losses widening to Rs 33 crore from Rs 21.8 crore earlier.
Founded by Abhishek Singh and Chetan Garg, the company competes with kiranas, existing modern retail stores and budding startups like Frendy and SuperK which are gaining popularity in Tier II and beyond towns.
Just over a year ago, SuperK raised $6 million in its series A round led by Blume Ventures, along with participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, angel investors, and syndicates.
In November last year, semi-urban commerce platform, Wheelocity raised $15 million in a round led by existing investor, Lightspeed Ventures, along with participation from Alteria Capital, Anicut Capital, and the company’s founder.