418
/ 2
Min Read
Apna Mart, a franchise-driven omnichannel grocery and FMCG retail chain in India, has raised Rs 214.5 crore (approximately $25 million) through equity and debt funding. The round was led by Fundamentum Partnership Fund and Accel, with participation from existing investors.
According to regulatory filings with the Registrar of Companies (RoC), Apna Mart’s board approved the issuance of 6,342 Series B compulsory convertible preference shares at Rs 2,78,402 per share, raising Rs 176.5 crore ($20.5 million). Additionally, the company issued 3,800 debentures to secure Rs 38 crore ($4.5 million) in debt funding.
Fundamentum Partnership Fund led the funding round with an Rs 84 crore investment, while Accel India, Peak XV, and Sparrow Capital contributed Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. The remaining funds came from 2 AM Ventures, Disruptors Capital, and Alteria.
Following this investment, Accel India holds the largest external stake at 20.91 percent, followed by Peak XV (13.06 percent) and Fundamentum (11.39 percent). Titan Capital remains one of the early backers of the company.
Founded by Abhishek Singh and Chetan Garg, Apna Mart operates through a franchise-led model and provides grocery and FMCG deliveries within 15 minutes alongside its brick-and-mortar stores. The company currently operates across 14 cities, including Ranchi, Hazaribagh, and Bilaspur.
According to startup intelligence platform TheKredible, Apna Mart has secured approximately $40 million in funding across multiple rounds. In the fiscal year ending March 2024, the company’s revenue grew 85.6 percent year-on-year to Rs 59.6 crore, while losses widened by 51.4 percent to Rs 33 crore.
With backing from investors like Nandan Nilekani’s Fundamentum and Accel, Apna Mart continues to expand its footprint in India’s retail sector. The company competes in the grocery segment, where quick commerce players such as Blinkit, Swiggy Instamart, and Zepto currently dominate.
