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Apna Mart raises $25 Mn led by Fundamentum and Accel

EntrackrEntrackr · 3m ago
Apna Mart raises $25 Mn led by Fundamentum and Accel
Medial

Exclusive: Apna Mart raises $25 Mn led by Fundamentum and Accel Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised Rs 214.5 crore (approximately $25 million) in equity and debt led by Fundamentum Partnership Fund and Accel with the participation of existing investors. The board at Apna Mart has passed a special resolution to issue 6,342 Series B compulsory convertible preference shares at an issue price of Rs 2,78,402 to raise Rs 176.5 crore or $20.5 million and 3,800 debentures for Rs 38 crore or $4.5 crore, its regulatory filings sourced from the Registrar of Companies (RoC) show. Fundamentum Partnership Fund is leading the round with Rs 84 crore while Accel India, Peak XV, and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. 2 AM Ventures, Disruptors Capital, and Alteria will invest the rest of the amount. Entrackr estimates Apna Mart's post-allotment valuation at approximately Rs 738 crore ($87 million), an 81% jump from its previous funding round. Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Operating across 14 cities—including Ranchi, Hazaribagh, and Bilaspur—the firm utilizes a franchise model to ensure operational efficiency. According to startup data intelligence platform TheKredible, Apna Mart has raised approximately $40 million across multiple funding rounds. Following the latest investment, Accel India remains the largest external stakeholder with a 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. The Bengaluru-based firm recorded an 85.6% year-on-year growth to Rs 59.6 crore of revenue during the previous fiscal year ended March 2024. In pursuit of growth, the losses for the firm also grew 51.4% to Rs 33 crore in the same period. Apna Mart has been working to crack the grocery model through a franchise-led approach with a strong online touch. The company is scaling steadily with solid backing from investors, including Nandan Nilekani’s Fundamentum and Accel, which has doubled down on its investment. Apna Mart certainly seems to be a company to watch in the grocery category for the long haul—a space currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.

Accel and Peak XV-backed grocery brand Apna Mart revenue jumps 86% in FY24

EntrackrEntrackr · 7m ago
Accel and Peak XV-backed grocery brand Apna Mart revenue jumps 86% in FY24
Medial

Following eight-fold growth in FY23, Bharat-focused franchise-led grocery chain Apna Mart delivered another strong performance, achieving an 85.6% year-on-year spike in its operating scale in FY24. However, the company's losses also grew by 50% but remained under Rs 35 crore during this period. Three-year-old Apna Mart’s revenue from operations grew to Rs 59.4 crore in the last fiscal year from Rs 32 crore in FY23, its annual financial statements sourced from the Registrar of Companies (RoC) show. Founded by Chetan Garg and Abhishek Singh, Apna Mart is a franchise-driven omnichannel grocery and FMCG chain that delivers within 15 minutes. It operates in 14 cities including Ranchi, Hazaribagh and Bilaspur. The sale of fast-moving consumer goods (FMCG) was the sole source of revenue in FY24. Apna Mart also added Rs 3.6 crore from interest on deposits and mutual fund redemption, bringing its overall income to Rs 63 crore during the last fiscal year, compared to Rs 32.2 crore in FY23. For the consumer goods store, the cost of procurement for products accounted for 61% of the overall expenditure. To the tune of scale, this cost increased by 85% to Rs 58.4 crore in FY24 from Rs 31.6 crore in FY23. Its employee benefits surged by 82.4% to Rs 16.6 crore in FY24, including a Rs 2 crore non-cash ESOP cost. Advertising, legal, and manpower charges were among the other major overheads that pushed the firm’s total expenditure up by 77.8% to Rs 96 crore in FY24 from Rs 54 crore in FY23. On the back of increased burn on procurement and employee benefits, Apna Mart's losses grew 51.4% year-on-year to Rs 33 crore in FY24. Its ROCE and EBITDA margin stood at -57.7% and -49.76%, respectively. The firm’s expense-to-earnings ratio stood at Rs 1.62 in FY24. Apna Mart has total current assets of Rs 28.3 crore including a cash balance of Rs 1 crore at the end of the fiscal year ending March 2024. According to the startup data intelligence platform TheKredible, Apna Mart has raised over $14 million in funding to date. Backed by Accel Partners, Peak XV Partners, Titan Capital, Disruptors Capital, and Sparrow Capital among others, the firm is currently valued at Rs 397 crore (approximately $48 million). Its enterprise value to revenue multiple stood at 6.68X in the previous fiscal year. In a fast evolving sector line quick commerce, Apna Mart’s focus on tier 2 cities is a huge question, considering how difficult it has been to turn a profit in those markets. It's scale also doesn't offer any significant procurement advantage yet. We believe that the firm has many challenges to tackle before it can breathe easy. A Franchisee based model might have helped control costs, and losses somewhat, but it should be interesting to see how far that can travel.

Apna Mart, the D Mart for India’s smaller cities, grows 770% in FY23

EntrackrEntrackr · 1y ago
Apna Mart, the D Mart for India’s smaller cities, grows 770% in FY23
Medial

Bharat-focused hyperlocal grocery platform Apna Mart managed to grow its topline by over eight-fold during the fiscal year ending March 2023. But this growth was fueled by aggressive spending on promotions, manpower, and employee benefits. Apna Mart’s revenue from operations surged 770% to Rs 32.2 crore during FY23 in comparison to Rs 3.7 crore in FY22, the company’s financial statement with the Registrar of Companies shows. Founded in 2021 by Chetan Garg and Abhishek Singh, Apna Mart is a franchise-driven offline grocery and FMCG chain which also offers online ordering in Jamshedpur, Ranchi, Raipur, Dhanbad, Asansol, among others. The platform positions itself as DMart for smaller cities. The cost of materials was found to be the largest cost component for the company forming 58.6% of the total expenses. This cost jumped 809.9% to Rs 31.6 crore in FY23 from Rs 3.47 crore in FY22. Employee benefit expenses also skyrocketed to Rs 9 crore during the year which also includes ESOP costs (non-cash in nature) worth Rs 1.89 crore. Further, expanding manpower charges, marketing costs, and legal expenses along with other operating costs took the firm’s total expenditure to Rs 53.9 crore in FY23. The total cost was Rs 4 crore in the previous fiscal year (FY22). In the end, Apna Mart’s bottom line suffered the impact of rising expenses and it posted a loss of Rs 21.8 crore in FY23 against Rs 8 lakh profit in FY22. For the complete expense breakdown and year-on-year financial performance of the company, head to TheKredible. Followed by heavy cash burn, the operating cash outflows of the startup worsened to Rs 23.4 crore (negative) while the net cash flows stood at Rs 1.8 crore (positive). The EBITDA margin and ROCE of the firm registered at -66.37% and -449.17%, respectively. On a unit level, Apna Mart spent Rs 1.67 to earn a rupee of operating revenue during FY23. FY22-FY23 FY22 FY23 EBITDA Margin 3.39% -66.37% Expense/₹ of Op Revenue ₹1.08 ₹1.67 ROCE 6.88% -449.17% The company was in talks to raise about $15-20 million in funding from Accel and Sequoia (now Peak XV Partners). Entrackr had exclusively reported this development in April 2023. As per TheKredible, Apna Mart has raised over $14 million to date from the likes of Accel Partners, Peak XV Partners, Disruptors Capital, Sparrow Capital, and 2 am Ventures among others. The firm’s current valuation stands at Rs 397 crore or $48 million. With Rs 397 crore valuation and Rs 32 crore revenue from operations, the company’s valuation-to-revenue ratio stands at 12.4 times. Currently, the firm’s co-founders Abhishek Singh and Chetan Garg hold a 24.76% stake each, in the company. Accel Partners is the largest external stakeholder in ApnaMart followed by Peak XV Partners. For a complete shareholding pattern, visit TheKredible. Apnamart, with its footprint mostly in the East and Central parts of India, has a tough path ahead, as scrutiny will be very high for any retail venture here. While having professional founders with solid credentials will help a lot, the founders will be aware that any misstep will be magnified, in regions where there has been a long history of ventures that flamed and died out after promising the moon in the retail category. ‘Scams’ like JVG, Bhadrika, etc are still fresh in the minds of many, and Apna Mart will do well to not seek a franchisee-funded model for now. The way ahead will remain tough on the margin front, which the firm will probably seek to overcome by going for local brands over national brands perhaps. How far that takes them is something many people will be watching for, as local brands have also come a long way in areas like packaging quality. Whether product quality stands the test of markets, remains to be seen.

Exclusive: FlexiLoans raises $9 Mn debt from JM Financial

EntrackrEntrackr · 11m ago
Exclusive: FlexiLoans raises $9 Mn debt from JM Financial
Medial

MSMEs-focused fintech lender FlexiLoans has raised Rs 75 crore (approximately $9 million) via non-convertible debt from JM Financial. This is the second debt round for the Mumbai-based company this year. The board at FlexiLoans has passed a resolution to issue 7,500 non-convertible debentures to raise Rs 75 crore, according to the company’s internal documents accessed by Entrackr. The debt has a coupon rate (interest) of 12.05% per annum with a tenure of 24 months. The company intends to utilize the funds for the ongoing business operations, the documents added. The debt infusion has come at a time when the firm is set to secure $35 million in funding from late-stage fund Fundamentum, co-founded by Infosys veteran Nandan Nilekani. Founded by Deepak Jain, Manish Lunia, Ritesh Jain, and Abhishek Kothari, FlexiLoans offers collateral-free loans to MSMEs. The firm has raised over $124 million to date in a mix of equity and debt including a $90 million Series B round from Fasanara Capital, MAJ Invest, Caravel Group, among others in June 2022. As per its website, the company has disbursed over Rs 7,000 crore of loans. Besides partnerships with over 400 partners, Flexiloans also lends through its NBFC — Epimoney. The company gives loans in the range of Rs 50,000 to Rs 1 crore with a maximum tenure of 36 months. The fintech firm grew at a fast pace in the fiscal year ending March 2024 as its collection jumped 2.4X year-on-year. Its operating revenue soared to Rs 262 crore in FY24 from Rs 109 crore in FY23. During the period, the company also maintained its profitability with Rs 3 crore PAT. FlexiLoans competes with a clutch of fintech firms including Lendingkart, Indifi, Incred, Oxyzo and Aye Finance.

Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi

EntrackrEntrackr · 1y ago
Exclusive: Infra.Market raises Rs 150 Cr debt led by Yubi
Medial

Infra.Market has secured Rs 150 crore (approximately $18 million) in debt financing over the past two months. The debt infusion for the Mumbai-based firm follows the $50 million equity round from the Mars Unicorn Fund — a joint venture of Liquidity Group and MUFG. The board at Infra.Market has approved a special resolution to issue non-convertible redeemable debentures to raise Rs 150 crore. Previously, the committee had approved a resolution to raise up to Rs 500 crore through debentures. The new infusion is the tranche of Rs 500 crore. Yubi has invested Rs 80 crore while Raymond Limited, IKF Home Finance, and Samunnati Financial participated with Rs 25 crore, Rs 25 crore, and Rs 20 crore, respectively. Founded by Souvik Sengupta and Aaditya Sharda in 2016, Infra.Market sells construction materials, infrastructure goods, and technical equipment. It is targeting the growing construction materials market, with a strong focus on the infrastructure sector. The company caters to both institutional customers (B2B) and retail outlets (D2R) in the construction materials sector. As per the company, it supplies across 16 states in India and also exports to markets such as Dubai, Singapore, Jordan, and Italy, among others. To date, Infra.Market has raised around $520 million across equity and debt. According to the startup intelligence data platform TheKredible, Tiger Global was the largest external stakeholder with 21.33% followed by Accel and Nexus Ventures which own 16.87% and 8.46%, respectively, before this round. While the company is yet to file its annual statements for FY24, Infra.Market’s gross revenue rose 89% to Rs 11,846 crore in FY23. Tiger global-backed firm’s profit slipped 17% to Rs 155 crore in the same period (FY23). Infra.Market’s competition includes OfBusiness, Moglix and Zetwerk, among others. OfBusiness recorded nearly Rs 20,000 crore in revenue and Rs 603 crore profit in FY24. Entrackr exclusively reported the firm’s financial numbers on July 8. Meanwhile, Zetwerk and Moglix are yet to report last fiscal year (FY24) numbers.

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