Apna Mart, a fast-growing franchise-driven omnichannel grocery and FMCG chain, is in the final stages of raising $15-20 million in a funding round co-led by new and existing investors.
Fundamentum Partnership and Accel are in late stage talks to co-lead a $15-20 million round in Apna Mart. The termsheet for the deal has been signed, and the transaction is expected to close soon,” said one of the sources requesting anonymity.
This is the second round of investment in the Bengaluru-based company in the last 20 months. According to startup data intelligence platform Thekredible, Apna Mart has secured a total funding of $14.4 million to date from Accel, Peak XV, and Disruptors Capital.
Entrackr exclusively reported Apna Mart’s maiden funding in April 2023.
Apart from brick and mortar stores, Apna Mart ensures grocery and FMCG deliveries within 15 minutes. Operating in 14 cities, including Ranchi, Hazaribagh, and Bilaspur, the company leverages its franchise model to scale rapidly while maintaining operational efficiency.
“Apna Mart is likely to be valued in the range of $100-125 million (post money,” said the person quoted above. The transaction is set to be materialized in the coming weeks if nothing goes wrong from now.”
As per TheKredible, co-founders Abhishek Singh and Chetan Garg each own 24.76% of the company, while Accel holds a 16.6% stake.
The Bengaluru-based company has been growing at a rapid clip over the past two fiscal years. Its revenue from operations surged over 16X to Rs 59.7 crore in FY24 from Rs 3.7 crore in FY22. On a year-on-year basis, Apna Mart’s operating scale grew 85.6% to Rs 5.4 crore in FY24.
On the competition front, the company competes with the likes of Reliance Retail, More and several small scale chains. However, Blinkit, Swiggy Instamart and Zepto are likely to compete as well as and when they enter cities like Bilaspur, Hazaribagh and Ranchi.
Source: Entrackr : Latest Posts