Franchise-driven omnichannel grocery and FMCG chain Apna Mart is set to raise Rs 120 crore (around $12.7 million) in a Series C funding round co-led by existing investors Accel India and Fundamentum, with participation from Peak XV Partners.
This is the company’s second funding round in just over a year. Previously, the Gurugram-based startup raised around $25 million in its Series B round led by Fundamentum and Accel in March last year. Entrackr exclusively reported the development.
The company’s board has passed a special resolution to issue 2,367 Series C compulsorily convertible preference shares (CCPS) at an issue price of Rs 5,06,757 apiece to raise Rs 120 crore in fresh capital, according to regulatory filings accessed by Entrackr.
Existing backers Accel India and Fundamentum will invest Rs 55 crore each, while Peak XV Partners will infuse the remaining Rs 10 crore.
As per Entrackr’s estimates, Apna Mart’s valuation will jump 2X to Rs 1,470 crore from Rs 738 crore in its previous funding round. The proceeds will be used towards capital expenditure, working capital requirements, and general corporate purposes.
Founded by Abhishek Singh and Chetan Garg, Apna Mart operates a franchise-led omnichannel quick commerce platform focused on Tier II and Tier III cities. The startup delivers groceries in around 10 minutes through a neighborhood store-led model and competes with Blinkit, Swiggy Instamart, and Zepto.
Following the fresh allotment, Accel India will remain the largest external shareholder with a 22.83% stake in Apna Mart, followed by The Fundamentum Partnership with 14.14%, while Peak XV Partners will hold 12.60%.
For the fiscal year ended March 2025, Apna Mart reported operating revenue of Rs 185 crore and a net loss of Rs 76 crore. The company claimed its revenue grew 2.5X to Rs 500 crore in FY26, without disclosing its bottom line.
Last month, Apna Mart laid off 10% of its workforce and shifted its headquarters from Bengaluru to Gurugram.
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