B2B wholesale startup ApnaKlub has raised additional funding of $6 million as part of its Series A round from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India’s Surge, Blume Ventures, and Whiteboard Capital.
This is a follow-on to its $10 million round, which it raised from Tiger Global in May 2022, bringing total funding to $16 million. Prior to the $10 million raise, the startup had raised $3.5 million in a Seed round in August 2021 from Sequoia’s Surge.
Founded in 2020 by Manish Kumar and Shruti, ApnaKlub connects India’s retailers, such as Kirana and general stores in semi-urban and rural areas, to a wide range of consumer goods and brands via its network of digitally connected wholesale partners.
The platform claims to have processed over 2 lakh orders, onboarded, and transacted with more than 33,000 partners, all while keeping burn to a minimal level.
According to the startup, The raised capital will be used to enhance a digital platform for kirana store owners and wholesalers in tier-2 and tier-3 cities to purchase goods and services. This is a $100 billion consumption market, it said.
“We are thrilled to have the support of such reputable investors as TrueScale Capital and ICMG Partners, as well as the continued strong support of our existing investors,” said ApnaKlub COO, Manish. “This funding will allow us to continue growing our platform and offering more value to our customers.”
Sameer Nath, the Managing Partner at TrueScale Capital, said, “We are delighted to help ApnaKlub achieve its expansion objectives. We seek to partner with experienced founders demonstrating meaningful revenue and growth in large target markets in a capital-efficient manner. Shruti and Manish exemplify these parameters. We have been very impressed with ApnaKlub’s ability to scale while sustaining best-in-class unit economics.”
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