Octopolis Technologies Pvt Ltd, which runs business-to-business (B2B) wholesale platform Apnaklub, on Thursday said it has marked the final close of Series A funding round at $16 million (around Rs 181.2 crore).
The round comprised two tranches. In the first leg, the company secured $10 million from Tiger Global, while in the second leg it has raised $6 million from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India’s Surge, Blume Ventures and Whiteboard Capital.
It has raised $20 million in total funding so far.
The Bengaluru-based startup will deploy the fresh proceeds to develop a digital platform for kirana store owners and wholesalers in tier 2 and 3 cities for purchase of goods and services.
ApnaKlub was founded in 2020 by Shruti and Manish Kumar and offers FMCG wholesale platform for low-population density markets with a focus on social sellers and Kirana-store owners from tier 2 and 3 cities.
The company claims to have processed over 2 lakh orders, onboarded, and transacted with more than 33,000 partners, in the first two years of operations.
"This funding will allow us to continue growing our platform and offering more value to our customers." Said Kumar.
"We seek to partner with experienced founders who are demonstrating revenue and growth in large target markets in a capital-efficient manner," said Sameer Nath, managing partner at TrueScale Capital.
India's B2B space has seen some major investments last year. In January, industrial goods marketplace Moglix raised $250 million as part of its Series F round led by existing investors Tiger Global and Alpha Wave Global and new investor Hong Kong-based Ward Ferry.
Similarly, online B2B marketplace Udaan raised $120 million in convertible notes and debt, led by existing shareholders and bondholders, in October, followed by a $40 million debt fundraise from EvolutionX Debt Capital.