Apnaklub, a business-to-business (B2B) wholesale platform, has raised additional funding of $6 million from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India’s Surge, Blume Ventures, and Whiteboard Capital. This is a follow-on to ApnaKlub’s $10 million round raised from Tiger Global in late 2022, bringing total funding in the round to $16 million.
Entrackr was the first to report the company’s Series A round in May last year.
ApnaKlub has raised $20 million to date. Previously, it raised $3.5 million from Sequoia Capital India’s accelerator program Surge, and seed capital from Blume Ventures and Whiteboard Capital in August 2021.
The fresh proceeds will be used to enhance a digital platform for Kirana store owners and wholesalers in tier 2 and tier 3 cities to purchase goods and services, the company said in a press release. It will be offering more products and services to its customers.
Founded in 2020, Apnaklub connects retailers and kirana stores, and fast-moving consumer goods (FMCG) brands via its wholesale partners. The company has built an independent sales network for brands eyeing footholds in semi-urban and rural areas.
The company claims to have processed over 2 lakh orders, onboarded, and transacted with more than 33,000 partners, all while keeping burn to a minimal level.
ApnaKlub competes with ElasticRun, DealShare, ShopKirana and Udaan. ElasticRun had raised $300 million at a valuation of $1.4 billion in February last year while DealShare scored $175 million around the same time at a valuation of about $2 billion.
ShopKirana also cornered $38 million Series C financing in January last year while Udaan has been raising back-to-back debt rounds.
Source @Entrackr
