Apna Mart Secures INR 214.5 Crore in Funding Led by Fundamentum and Accel

Apna Mart, an omnichannel grocery and FMCG retail chain has secured INR 214.5 crore (around $25 million) in a new funding round. The investment includes a mix of equity and debt, with Fundamentum Partnership Fund and Accel leading the round. Existing investors also participated.

According to regulatory filings, the company raised INR 176.5 crore ($20.5 million) by issuing 6,342 Series B compulsory convertible preference shares, priced at INR 2,78,402 each. An additional INR 38 crore ($4.5 million) was secured through 3,800 debentures.

Fundamentum invested INR 84 crore, while Accel contributed INR 60.88 crore. Other investors, including Peak XV Partners (INR 17.4 crore), Sparrow Capital (INR 4 crore), and funds such as 2 AM Ventures, Disruptors Capital, and Alteria, also took part.

Following this round, Accel India now holds a 20.91% stake in Apna Mart, making it the company’s largest external shareholder. Peak XV Partners and Fundamentum own 13.06% and 11.39%, respectively. Titan Capital remains one of the early backers.

Expanding Footprint with Franchise Model

Founded by Abhishek Singh and Chetan Garg, Apna Mart operates through a hybrid model of quick commerce and physical retail. The company promises grocery and FMCG deliveries within 15 minutes while also expanding its network of franchise-run stores.

Currently, Apna Mart has a presence in 14 cities, including Ranchi, Hazaribagh, Bilaspur, and more. The franchise approach has helped the company scale efficiently while keeping costs in check.

Growth, Losses, and Future Plans

For the fiscal year ending March 2024, Apna Mart’s operating revenue increased 85.6% year-on-year, reaching INR 59.6 crore in FY24 from INR 32 crore in FY23. However, its losses also widened by 51.4%, standing at INR 33 crore in FY24 from INR 21.8 crore in FY23.

The recently raised capital will be used for business expansion and general operations. As competition in quick commerce heats up with players like Blinkit, Swiggy Instamart, and Zepto, Apna Mart aims to strengthen its position in the market.

About Apna Mart

Apna Mart is a grocery and FMCG retail chain in India that operates both online and through physical stores. Founded in 2021 by Abhishek Singh and Chetan Garg, the company focuses on serving Tier II and III cities. It offers 15-minute grocery delivery through its online platform while also running franchise stores to reach more customers. This mix of online and offline shopping helps Apna Mart serve smaller towns efficiently and build trust in local communities.