Bharat-focused hyperlocal grocery platform, ApnaMart, is reportedly on the brink of closing a Series A funding round with Accel Partners and Sequoia Capital. Three sources who are familiar with the deal have disclosed that the company is set to secure $20 million in investment.
“ApnaMart is in advanced talks to raise anywhere between $15-20 million led by Accel,” said one of the sources requesting anonymity. “Sequoia is an existing investor which is also likely to participate.”
ApnaMart, which is primarily focused on tier II and III cities, is operational in four cities: Ranchi, Jamshedpur, Hazaribagh, and Raipur. The company ensures speedy delivery of groceries within 90 minutes by utilizing a network of local offline stores and franchises to fulfill orders. ApnaMart also provides distribution to grocery and fast-moving consumer goods brands with a specific focus on smaller towns. This enables the company to cater to the needs of customers in these areas more effectively.
“The deal is likely to materialise if nothing changes at the last moment as the term sheet has been signed. ApnaMart will be valued at around $50-$55 million (post money),” said another source who also requested anonymity.
ApnaMart, Co-founded by Chetan Garg and Abhishek Singh, has raised approximately INR 22.6 crore across three tranches. The funds were invested by Sequoia Capital, Disruptors Capital, Amplify Consultancy, AL Trust, Titan Capital, and other investors, according to the company’s regulatory filing with the Registrar of Companies (RoC).
While ten-minute grocery companies like Zepto, BlinkIt, and Dunzo have been growing in popularity and attracting substantial funding in the top 10 cities over the last 18 months, ApnaMart is taking a different approach by focusing exclusively on tier II and III cities. Although the company does not currently face direct competition in the cities where it operates, it may encounter indirect competition from BigBasket, and as it expands to states like NCR, Rajasthan, and UP, it could also face competition from DealShare and CityMall.
