In a loan round headed by UC Inclusive Credit, retail tech small format supermarket chain Frendy has Secures Around $239K. Together, the business has raised Rs 42 crore, including the debt, to date.
Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore) are among the current investors in Frendy.
The money raised will go towards paying for the central inventory required to provide its network of Frendy Marts and Micro Kiranas in Gujarat’s Tier III towns.
The company projects revenue of Rs 82 Cr for FY23, and as the brand spreads geographically, it hopes to quadruple sales in the upcoming year.
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Established in 2019 by Sameer Gandotra, the company’s aims is to construct a modern network of local grocery mini marts for customers in India’s small cities and villages.
Currently, Company, based in Ahmedabad, runs 2,000 micro kiranas and 25 marts throughout rural Gujarat. In the upcoming 12 months, it hopes to grow to 100 marts and 3,000 mini kiranas.
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Additionally, a group of micro-kiranas (mom-and-pop shops) and their end users are digitally connected to Frendy’s marts, enabling they create a last-mile digital commerce bridge to reach more rural consumers.
About Frendy
Frendy‘s hub & spoke approach connects neighbourhood convenience Marts to a cluster of Micro businesses and their customers via a mobile app.
