Grocery store aggregator Kirana King has raised Rs 7 crore ($942,000) in its pre-Series A round of funding from Rajasthan Venture Capital Fund.
The Jaipur-based firm will utilize the capital to expand its network, hire more professionals and for technology development, as per a press statement.
The startup, which was launched in late 2014, currently has a network of more than 200 stores in Jaipur. It aims to achieve a 1,000 stores across Rajasthan by next year.
Kirana King provides services to conventional kirana stores through RaaS (Retail as a Service).
"The RaaS model impacts the core journey touchpoints of grocery consumers when they shop at their local neighbourhood stores and they soon realize the massive changes in operations and convenience at these stores," said Anup Kumar, founder of Kirana King.
Rajasthan Venture Capital Fund, which is managed by Rajasthan Asset Management Co Pvt Ltd, focuses on early-stage investments and regional economic development.
It is currently investing out of its third fund. IT/ITES, healthcare, food processing, logistics and education are the focus areas for the fund, according to its website.
Last month, the early-stage investor backed FreshoKartz Agri Products Pvt Ltd, which operates data insights and input-sales agricultural-technology firm Freshokartz.
Same month, the fund placed its bet on Krimanshi Feeds, a startup working in the animal nutrition sector.
In June, the fund participated in the funding round of its portfolio firm WoodenStreet, which sells custom-made wood furniture at various price points.
The fund’s other bets include Direct Create Private Limited (DC), an online and offline B2B marketplace for artisans, designers and buyers; enterprise security firm Aujas Networks; and B2B e-commerce firm Wholesalebox.
