ApnaKlub, FMCG wholesale platform for low population density markets, has raised $10M in its Series A funding from Tiger Global.
This follows the $4 million round they raised from Sequoia India, Blume Ventures, Whiteboard Capital, and Flourish Ventures in August 2021.
ApnaKlub focuses on social sellers and Kirana-store owners from tier 2 and tier 3 cities.
The funding will be used to deepen infrastructure in key states, expand the platform from 5000 to 20,000 partners and build out the credit product.
ApnaKlub was incubated with Whiteboard Capital in 2020 by Shruti and Manish who come with strong complementary backgrounds across product, strategy, and FMCG distribution.
Speaking on the fundraise, Shruti, Co-founder & CEO of 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.”
Commenting on the funding round, 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.”
“ApnaKlub brings the convenience of digital wholesale supply to tier 2 & tier 3 smartphone users. It also creates opportunities for regional brands to list their products and earn better by reaching a wider audience across India,” Manish, Co-founder & COO, ApnaKlub said.
Talking about the investment, Ashish Fafadia, Partner at Blume Ventures said, “ApnaKlub has been reimagining the supply chain for the rural and semi-urban population. Over the last 18 months, the growth and traction are testimony to the gap that exists in the market and a formidable business model framework has been laid out. The additional capital raise allows the company to further expand its footprint and create a unique supply chain that’s relevant to the growing needs of Bharat.”
“As partners with the ApnaKlub team since the inception of the business, we have been lucky to witness the amazing business growth achieved by the team with a strong focus on unit profitability. We are excited for the future as Shruti and Manish lead the business to greater heights”, Anshu Prasher, General Partner at Whiteboard Capital further added.