Apna Mart, a franchise-driven omnichannel grocery and FMCG chain has raised ₹214.5 crore (approximately $25 million) in a mix of equity and debt funding, as exclusively reported by Entrackr.
The round was led by Fundamentum Partnership Fund and Accel, with participation from existing investors.
As per regulatory filings sourced from the Registrar of Companies (RoC), the company has issued 6,342 Series B compulsory convertible preference shares at ₹2,78,402 each, raising ₹176.5 crore ($20.5 million). Additionally, it has raised ₹38 crore ($4.5 million) through 3,800 debentures.
Fundamentum led the investment with ₹84 crore, while Accel India, Peak XV, and Sparrow Capital contributed ₹60.88 crore, ₹17.4 crore, and ₹4 crore, respectively. Other investors include 2 AM Ventures, Disruptors Capital, and Alteria.
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With this fresh capital infusion, Apna Mart’s post-allotment valuation has surged to ₹738 crore ($87 million), marking an 81% increase from its previous round.
Founded in 2021 by Abhishek Singh and Chetan Garg, Apna Mart operates across 14 cities, including Ranchi, Hazaribagh, and Bilaspur.
The company follows a franchise-led model while promising grocery and FMCG deliveries within 15 minutes, alongside its physical store network.
Apna Mart has raised around $40 million across multiple funding rounds. Following this latest investment, Accel India holds the largest external stake at 20.91%, followed by Peak XV (13.06%) and Fundamentum (11.39%).
The Bengaluru-based startup reported a revenue of ₹59.6 crore for the fiscal year ending March 2024, reflecting an 85.6% year-on-year growth.
However, its losses also widened by 51.4% to ₹33 crore in the same period.
With strong backing from investors like Nandan Nilekani’s Fundamentum and Accel, Apna Mart is steadily expanding in a competitive grocery and quick commerce sector dominated by Blinkit, Swiggy Instamart, and Zepto.
