Apna Mart Raises INR 214.5 Crore in Fresh Funding Fundamentum Partnership Fund spearheaded the equity round with an INR 84 crore investment, while Accel India, Peak XV, and Sparrow Capital contributed INR 60.88 crore, INR 17.4 crore, and INR 4 crore, respectively.
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Apna Mart, an omnichannel grocery and FMCG retail chain, has secured INR 214.5 crore (approximately $25 million) in a fresh round of equity and debt funding, according to regulatory filings with the Registrar of Companies (RoC). The round was led by Fundamentum Partnership Fund and Accel, with participation from existing investors.
The filings reveal that Apna Mart's board approved the issuance of 6,342 Series B compulsory convertible preference shares at INR 2,78,402 per share, raising INR 176.5 crore ($20.5 million). In addition, the company raised INR 38 crore ($4.5 million) through the issuance of 3,800 debentures.
Fundamentum Partnership Fund spearheaded the equity round with an INR 84 crore investment, while Accel India, Peak XV, and Sparrow Capital contributed INR 60.88 crore, INR 17.4 crore, and INR 4 crore, respectively. The remaining funding came from 2 AM Ventures, Disruptors Capital, and Alteria. Following this investment, Accel India now holds the largest external stake at 20.91 per cent, followed by Peak XV at 13.06 per cent and Fundamentum at 11.39 per cent. Titan Capital remains one of Apna Mart's earliest backers.
Founded by Abhishek Singh and Chetan Garg, Apna Mart operates through a franchise-led model that combines both online and offline retail. The company promises grocery and FMCG deliveries within 15 minutes, a model that has helped it scale across 14 cities, including Ranchi, Hazaribagh, and Bilaspur.
According to startup intelligence platform TheKredible, the company has raised approximately $40 million across multiple rounds. The latest infusion of capital comes on the back of a strong revenue increase. Apna Mart reported an 85.6 per cent year-on-year (YoY) growth in revenue, reaching INR 59.6 crore for the fiscal year ending March 2024.
However, its losses also widened by 51.4 per cent to INR 33 crore during the same period, reflecting the aggressive expansion and operational costs associated with its rapid scaling.
The company faces stiff competition from quick commerce players like Blinkit, Swiggy Instamart, and Zepto, all of which have been vying for dominance in India's burgeoning online grocery market.
