Apna Mart Secures ₹214.5 Crore in Equity and Debt Funding
- Apna Mart has raised ₹214.5 crore in equity and debt, led by Fundamentum Partnership Fund and Accel, with participation from existing investors.
- The Bengaluru-based grocery and FMCG chain reported 85.6% revenue growth in FY24 but also saw a 51.4% rise in losses, reaching ₹33 crore.
According to a report by Entrackr, Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised ₹214.5 crore (approximately $25 million) through a mix of equity and debt financing.
The funding round was led by Fundamentum Partnership Fund and Accel, with participation from existing investors, according to a report by Entrackr.
Regulatory filings accessed by Entrackr show that Apna Mart's board approved a special resolution to issue 6,342 Series B compulsory convertible preference shares at ₹2,78,402 per share, raising ₹176.5 crore ($20.5 million).
Additionally, the company issued 3,800 debentures worth ₹38 crore ($4.5 million).
Fundamentum Partnership Fund contributed ₹84 crore, while Accel India, Peak XV, and Sparrow Capital invested ₹60.88 crore, ₹17.4 crore, and ₹4 crore, respectively.
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Other investors, including 2 AM Ventures, Disruptors Capital, and Alteria, also participated in the round. Following this funding, it is estimated that Apna Mart’s post-allotment valuation is at approximately ₹738 crore ($87 million), an 81% increase from its previous funding round.
Apna Mart, co-founded by Abhishek Singh and Chetan Garg, operates across 14 cities, including Ranchi, Hazaribagh, and Bilaspur. The company follows a franchise-led approach while ensuring fast grocery and FMCG deliveries within 15 minutes.
Commenting on the company’s approach, Garg stated,
“We have been working to crack the grocery model through a franchise-led approach with a strong online touch.”
The Bengaluru-based startup reported an 85.6% year-on-year increase in revenue, reaching ₹59.6 crore in the fiscal year ending March 2024. However, its losses also grew by 51.4%, amounting to ₹33 crore during the same period.
Edited by Harshajit Sarmah
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