The firm plans to use the funds for fleet expansion, tech upgrades, and Tier-2/3 city coverage.
A91 Partners’ investment into Shree Anandhaas comes after Motilal Oswal (MO Alts) invested in Lal Sweets as investors bet on a large unorganised industry, and family-owned businesses, in India becoming more organised as an increasing number of consumers alter their purchasing patterns.
A91 Partners, which typically invests around $10-15 million in each round, has so far invested in Atomberg, Rare Rabbit, Paper Boat, Aye Finance, Ummeed Housing Finance and others.
This is yet another instance where investors are betting on offline businesses that are also looking to build a digital presence, following an omnichannel approach.
The company, however, is waiting for CCI's approval before it can proceed with its fundraising plans, sources said.
The homegrown investment fund A91 Partners is learnt to have put in $45 million, while the rest came in from existing investors such as Norwest Venture Partners.
ORRA’s revenue jumped by 82% to Rs 950.9 crore in FY23, from a revenue of Rs 522.9 crore in the previous financial year, as per a report by ICRA. In the first nine months of FY24, the jewellery retailer reported a revenue of Rs 879 crore.
The investor in some of the high growth technology companies said Indian companies and the market are different and thus venture capital firms emulating those in the US will not work here.
Atomberg plans to use the funds to boost manufacturing capabilities, support new product launches, and deepen its presence in offline stores in key regions.
The company will use the funds to scale the business and expand its global presence in specialty coffee markets
Atomberg's potential fundraise comes at a time when funding to the country's startups has slowed by more than 70 percent over the last three quarters, with investors preferring to avoid high-growth, loss-making technology companies amid macroeconomic headwinds.
"We are very excited to have A91 Partners join us in our journey towards building the world’s largest location-based social network,” Azhar Iqubal, Founder & CEO, Public App, said in a statement.