Apna Mart, a franchise-based grocery and FMCG chain, has raised Rs 214.5 crore (around $25 million) in a funding round led by Fundamentum Partnership Fund and Accel with support from other investors.
The company issued 6,342 Series B convertible preference shares at Rs 2,78,402 each, raising Rs 176.5 crore ($20.5 million), and 3,800 debentures worth Rs 38 crore ($4.5 million), according to official filings.
Fundamentum Partnership Fund invested Rs 84 crore, while Accel India, Peak XV, and Sparrow Capital contributed Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively.
Additional investments came from 2 AM Ventures, Disruptors Capital, and Alteria. This funding round values Apna Mart at around Rs 738 crore ($87 million), an 81% increase from its previous value.
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Founded by Abhishek Singh and Chetan Garg, Apna Mart provides 15-minute grocery and FMCG deliveries along with physical stores. The company operates in 14 cities, including Ranchi, Hazaribagh, and Bilaspur, using a franchise model for better efficiency.
For the fiscal year ending March 2024, Apna Mart reported revenues of Rs 59.6 crore, an 85.6% increase from the previous year. However, losses grew by 51.4% to Rs 33 crore during the same period.
With strong backing from investors like Nandan Nilekani’s Fundamentum and Accel, Apna Mart is becoming a strong competitor in the grocery sector, which is currently led by quick commerce companies like Blinkit, Swiggy Instamart, and Zepto.
About Apna Mart
Apna Mart is changing the shopping experience in tier 2+ cities by combining the convenience of physical stores with fast delivery.
Their goal is to build trust and reliability in the communities they serve by offering easy access to everyday essentials through their network of convenience stores.
