ApnaKlub, a B2B wholesale platform for fast moving consumer goods, has raised $6 million in additional funding in a Series-A round. It has previously raised $10 million in a round. The latest round brings the Series-A to $16 million.
The latest round of funding came from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India Surge, Bloom Ventures and Whiteboard Capital. The previous $10 million check was collected from Tiger Global by the end of 2022. Apnaklub has raised $20 million to date.
The funds will be used to develop a digital platform for kirana shop owners and wholesalers in tier-2 and tier-3 cities to purchase goods and services, the company said. This is a $100 billion consumer market and ApnaClub’s approach addresses the pain points of 40 percent of this market.
“We are delighted to have the support of renowned investors like TrueScale Capital and ICMG Partners, as well as the strong support of our existing investors,” said Apnaklub COO Manish. “This funding will allow us to continue to grow our platform and provide even more value to our customers.”
Apna Club was founded in 2020 by Shruti and Manish, two entrepreneurs with strong backgrounds in product, finance, strategy and FMCG distribution. A gold medalist from IIT Delhi and an MBA from Harvard Business School, Shruti brings to the company the knowledge gained from her time in consulting and investing. Manish has extensive experience in retail and FMCG, having held leadership roles at Walmart India, Metro Cash & Carry and Future Group.
B2B FMCG wholesale platform Apnaklub raises $3.5 million in seed round B2B FMCG wholesale platform Apnaklub raises $3.5 million in seed round.
Apnaklub claims to have handled over two thousand orders, onboarded and transacted with over 33,000 partners.
Sameer Nath, Managing Partner at TrueScale Capital said, “We are excited to help Apnaklub achieve its expansion goals. We want to demonstrate meaningful revenue and growth in a capital-efficient manner with experienced founders who can demonstrate meaningful revenue and growth in large target markets.”
The company announced the elevation of Gourav Das, CPTO and Ashutosh Kumar, Growth and New Initiatives to the founding team members. Apnaklub CEO Shruti said, “We believe our extraordinary team has the ability to continue to grow into the future. “It’s been a successful and exciting year for Apnaklub, and we’re grateful for the support of our employees, partner brands and customers.”
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