With the help of current investors, Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has received Rs. 214.5 crore (about $25 million) in debt and equity, led by Fundamentum Partnership Fund and Accel.
According to Apna Mart's regulatory filings obtained from the Registrar of Companies (RoC), the board has adopted a special resolution to issue 3,800 debentures for Rs. 38 crore or $4.5 crore and 6,342 Series B compulsory convertible preference shares at an issue price of Rs. 2,78,402 in order to raise Rs. 176.5 crore or $20.5 million.
Accel India, Peak XV, and Sparrow Capital will invest Rs. 60.88 crore, Rs. 17.4 crore, and Rs. 4 crore, respectively, while Fundamentum Partnership Fund is leading the round with Rs. 84 crore. The remaining sum will be invested by Alteria, Disruptors Capital, and 2 AM Ventures.
In addition to its physical storefronts, Apna Mart, this was founded by Abhishek Singh and Chetan Garg, promises groceries and fast-moving consumer goods deliveries within 15 minutes. The company, which operates in 14 cities, including Ranchi, Hazaribagh, and Bilaspur, uses a franchise model to guarantee operational effectiveness.
Across several fundraising rounds, Apna Mart has raised almost $40 million, according to startup data intelligence platform TheKredible. After the most recent investment, Accel India still holds the highest foreign holding (20.91%), followed by Fundamentum (11.39%) and Peak XV (14.06%). Titan Capital was among the company's first investors.
The Bengaluru-based company's revenue for the previous fiscal year, which ended in March 2024, increased by 85.6% year over year to Rs. 59.6 crore. In an effort to expand, the company's losses increased 51.4% to Rs. 33 crore during that time.
With a strong internet presence and a franchise-led strategy, Apna Mart has been trying to disrupt the supermarket industry. With strong support from investors like Accel, which has doubled down on its investment, and Fundamentum, which is run by Nandan Nilekani, the company is growing steadily. Given that rapid commerce companies like Blinkit, Swiggy, Instamart, and Zepto presently dominate the grocery market, Apna Mart appears to be a company to keep an eye on in the long run.
