PC: Entrackr
Omnichannel grocery and fast-moving consumer goods (FMCG) chain Apna Mart has successfully raised ₹214.5 crore, having been led by Fundamentum Partnership Fund and Accel. The infusion of capital into Miso consists of both equity and debt, including existing investor Peak XV Partners, as well as new investors Alteria Capital, Sparrow Capital and 2AM Ventures.
Funding Breakdown
The funding structure comprises of 6,246 Series B compulsory convertible preference shares issued for ₹176.5 crore and an additional ₹ 38 crore of 3,800 debentures. It means that Apna Mart is valued at $87 million about ₹738 crore which is an 81% increase from its last funding round.
Financial Performance
Operating revenue at the company increased close to 2X to ₹59.4 crore from ₹32 crore in Fiscal Year 2024. In a bid to expand while simultaneously reducing losses, the airline targeted ₹33 crore against ₹21.8 crore in the previous year, reflecting its aggressive growth strategy and focus on capturing new markets. Despite the widening losses, the company aims to enhance operational efficiency, streamline costs, and strengthen its market presence in the competitive sector.
Company Overview
Founded by Abhishek Singh and Chetan Garg, Apna Mart operates as a franchise-driven omnichannel grocery and FMCG chain, offering 15-minute delivery services. The company currently operates in 14 cities, including Ranchi, Hazaribagh, and Bilaspur.
Competitive Landscape
Traditional kirana stores, fresh modern retail chains such as Frendy and SuperK, which are catching on in Tier 2 (as well as smaller towns), are competitive for Apna Mart. Among them, SuperK raised $6 million in its Series A round led by Blume Ventures, and Wheelocity had $15 million round funded by Lightspeed Ventures.
Future Outlook
Apna Mart uses the fresh capital infusion to increase the market footprint, improve the operational efficiency, and expand the footprint in the booming Indian grocery and FMCG sectors. Strategically, the company focuses on rapid delivery and a franchise model which makes it well placed to satisfy demand for the product in smaller cities and towns.
Conclusion
This is an endorsement of the increasing investor trust in India’s retail industry and the models targeting such markets with novelties. With this, as the company continues to grow in the coming time, it will have to continue growing its course, find ways to make the business profitable and how to stay in competition in the new retail background that the firm might come across.
