Bengaluru-based omnichannel grocery and FMCG chain Apna Mart has raised $25 million (around Rs 214 crore) from homegrown mid-stage venture capital firm Fundamentum Partnership and global VC firm Accel.
The funding round, which was a mix of equity and debt, also saw participation from existing investors including Peak XV Partners, Sparrow Capital, 2 AM Ventures, Disruptors Capital, and Alteria Capital.
Online news publication Entrackr was the first to report the development.
Prior to this round, the startup raised $14.4 million from investors including Accel, Peak XV, Titan Capital, and Disruptors Capital.
Founded in 2021 by IIT Kanpur alumni Abhishek Singh and Chetan Kumar Garg, ApnaMart is building an asset-light network of neighbourhood supermarkets.
Singh, who previously worked at Lenskart, leads the company’s strategy while Garg, who has held roles at Housing.com, Longwalks, and Times Internet, serves as chief operating officer.
By focusing on competitive pricing and an optimized product mix, ApnaMart is positioning itself as a modern alternative to traditional mom-and-pop stores while retaining its community-driven appeal. It primarily operates stores across tier II cities such as Raipur, Hazaribagh, Jamshedpur, Dhanbad, and Ranchi. It has so far focussed on eastern and central parts of India.
In the financial year through March 2024, the company’s revenue from operations nearly doubled to Rs 59.4 crore from Rs 32.2 crore the year before. Its net loss, however, increased to Rs 33.1 crore in FY24 from Rs 21.8 crore the year before.
