Apna Mart, a franchise-driven omnichannel grocery and FMCG chain has secured Rs 214.5 crore (approximately $25 million) in a funding round led by Fundamentum Partnership Fund and Accel, with participation from existing investors. The company issued 6,342 Series B compulsory convertible preference shares at Rs 2,78,402 each, raising Rs 176.5 crore ($20.5 million), and 3,800 debentures for Rs 38 crore ($4.5 million), according to regulatory filings.
Fundamentum Partnership Fund contributed Rs 84 crore, while Accel India, Peak XV, and Sparrow Capital invested Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. Additional investments came from 2 AM Ventures, Disruptors Capital, and Alteria. This funding round values Apna Mart at approximately Rs 738 crore ($87 million), marking an 81% increase from its previous valuation.
Founded by Abhishek Singh and Chetan Garg, Apna Mart offers 15-minute grocery and FMCG deliveries alongside its physical stores. Operating in 14 cities, including Ranchi, Hazaribagh, and Bilaspur, the company employs a franchise model to enhance operational efficiency. In the fiscal year ending March 2024, Apna Mart reported revenues of Rs 59.6 crore, an 85.6% increase year-on-year, with losses growing by 51.4% to Rs 33 crore during the same period.
With robust investor support, including from Nandan Nilekani’s Fundamentum and Accel, Apna Mart is positioning itself as a notable contender in the grocery sector, currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.
