SuperK, the tech-enabled grocery retail chain, has raised approximately INR 31 crore ($3.7 million) in its Series A round led by Catalyst Trusteeship Limited. This is the Hyderabad-based company’s first fundraising effort for 2024.
According to regulatory filings obtained from the Registrar of Companies, the board of SuperK has approved a special resolution to issue 4,521 Series A CCPS (Compulsorily Convertible Preference Shares) at an issue price of INR 68,569 each, aiming to raise INR 31 crore.
Catalyst Trusteeship led the round by contributing INR 21.65 crore, while the remaining amount was collectively invested by VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle VenturesHOF Profectus, IA Growth Opportunities, and Abhishek Goyal.
Through these investments, the company aims to bolster its financial position and meet its development and expansion goals.
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After receiving the new funds, Catalyst Trusteeship now owns 10.1% of the company, while Silver Needle Ventures and Veltis Capital will have ownership stakes of 1.26% and 1.06%, respectively.
As per TheKredible, a startup data intelligence platform, the company has been valued at approximately INR 198 crore or $24 million (post-money).
To date, the company has secured approximately $15 million in funding, including a noteworthy $5.5 million round led by Binny Bansal-backed 021 Capital in March 2022.
Established in 2019 by Anil Thontepu and Neeraj Menta, SuperK runs a grocery retail chain utilizing an asset-light franchise model. The company asserts a presence of over 100 stores spanning Kadapa and Anantapur.
SuperK reported strong financial performance in the last fiscal year, with its revenue surging 3X to INR 59 crore in FY23 from INR 19.2 crore in FY22. Meanwhile, the firm reported losses of INR 23.5 crore in the same period.
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