Frendy, a social commerce startup, has raised Rs 23 crores ($3 M) in Series A round led by by New York’s Marv Capital and UK-based Centera Fund. The financing round also saw the participation from existing investor Desai Family Office and new investors via LetsVenture Angel Fund..
Angel investors such as Shalabh Mehrish of Vinson Cap Advisors, Jon Piebenga, Partner, Social Venture Partners Charleston, Brian Giarocco, Ground Swell Capital, Raza Hasnani MD, Africa50 Fund, Kunal Shah – MD, Nomura, Arthur Farme – CEO Grupo H Brazil, Vivek Baliga – MD, BMO & Chetan Vig MD, Teachers Pension Fund, Vikas Lunia, Lunia Capital also participated in this round. “The company has achieved a revenue of Rs 43 crore in its very first year of operations with break-even unit economics. Frendy is clearly on track to reach an annualised revenue run rate of Rs 300 crore by the end of the financial year,” the company said in a statement. The company plans to use the funds primarily for growth, expanding its team and meeting its working capital needs.
Frendy, founded by Sameer Gandotra a Wharton MBA and Gowrav Vishwakarma a Tech Entrepreneur, has a team of 100 professionals including its in house technology team. The start-up has seen amazing traction and has expanded in stealth mode with operations in 25+ Tier 2-6 towns and over 4,500+ products. The company has recently expanded its reach by foraying into Rajasthan with Madhya Pradesh next on the cards.
Frendy is building a “digital supermarket” with neighbourhood homepreneurs in Bharat. The Frendy model is unique as it leverages Social & Trust along the entire customer journey which is the need of Bharat customers.
Also Read: Semiconductor consortium plans USD 3 billion chip-making plant in Karnataka
Frendy focuses largely on women consumers & women community leaders & by building a community around them. The start-up is committed towards providing a platform for a “Kaabil Beti” (Capable Daughter) to start a digital supermarket for her community, earn a supplementary income, get recognition both within her family, community as well as within a group of like-minded Frendy Partners, thus gaining financial independence and entrepreneurial confidence. 90% of the household purchase decisions are made by women, so Women Community Leaders make sound business sense. With a dearth of sustainable income opportunities for women in Bharat there are plenty of takers for the rewarding Frendy opportunity.
