FMCG wholesale platform ApnaKlub has raised $10 million in its Series A funding from Tiger Global.
ApnaKlub focuses on social sellers and Kirana-store owners from tier 2 and tier 3 cities. With ApnaKlub a user can digitise their wholesale business as a rural wholesaler or expand their business as a shopkeeper.
The startup plans to use the raised funds to deepen infrastructure in key states, expand the platform from 5000 to 20,000 partners and build out the credit product. ApnaKlub helps its clients with order aggregation, transport, inventory handling and provides a zero capital model.
ApnaKlub had earlier raised $4 million from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
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Incubated with Whiteboard Capital in 2020, ApnaKlub was founded by Shruti and Manish Kumar who come with complementary backgrounds across product, strategy and FMCG distribution.
The company competes with other well-funded startups like ElasticRun, DealShare, ShopKirana and Udaan.
Shruti, co-founder & CEO, ApnaKlub, said, “ApnaKlub helps retailers and traders in Tier 2 and 3 cities of India to leverage their collective demand and geographic presence, into a flourishing retail business, which provides greater consumer choice and delight, by providing access to a wider range of products at comparable margins, as well as better credit and logistics terms than status quo.”
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John Curtius, Partner at Tiger Global, said, "Indian CPG retail is a $100 Billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels. Shruti and Manish have built a rapidly growing platform based on deep customer insights."
On May 11, ecommerce enablers GoKwik and Shopflo raised $35million and $2.6 million respectively. The market value of the e-commerce industry in India was approximately $22 billion in 2018 which is estimated to reach $200 billion by 2027, according to Statista.