B2B startup ShopKirana said it has raised $38 million in Series C funding round with the total valuation rising to USD 150 million. The funding round was led by Info Edge, Oman India Joint Investment Fund and Sixth Sense Ventures. Trifecta, Incubate Fund, Akatsuki, Ajanta LLP, Gunosy Capital, 9Unicorns also participated in the round. The Indore-based firm had last raised USD 10 million in Series B round from Info Edge, Incubate Fund, and others in August 2019.
The company will utilise the capital to expand to nearly 30 cities over the next year and a half. Founded in 2015 by former P&G executives Sumit Ghorawat and Deepak Dhanotiya and serial entrepreneur Tanutejas Saraswat, the company connects retailers and brands directly through a mobile app and helps them in placing orders, maintaining inventory, optimising the delivery routes and making payments.
“The Shopkirana team has been very impressive in their rapid scale-up and capital efficiency. Their deep understanding of the business has made them the partner of choice for many reputed FMCG brands,” said Sanjeev Bikchandani, Founder and Executive Vice Chairman of Info Edge, in a statement issued by the company.
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“ShopKirana possesses the key tenets for a successful company. Large addressable market – $500 billion market poised for disruption, highly motivated promoters, capital-efficient business model and a great product-market fit – serving the need of kirana shop owners and their suppliers (FMCG brands and others) thus laying a strong foundation for a long term competitive edge,” said Srinath Srinivasan, CEO at Oman India Joint Investment Fund Management Company, in the statement.
