About a year ago, Navneet Singh, CEO of PepperTap, a hyperlocal service startup had shut down operations and started a new venture called GramFactory to facilitate as a B2B marketplace.
Winds suggest that this firm has raised $1 million led by BEENEXT and several blue-chip investors.
According to two of Entrackr’s sources, the deal had materialized three-four months ago. Singapore-based VC BEENEXT had led the $1 million round with $500K while several blue-chip angels also participated in the firm’s maiden financing round.
“Other institutional investors participated in the round include Tracxn labs and AL Trust,” added sources on condition of anonymity.
Individuals participating in Gramfactory’s round include Amrish Rau from PayU, ex-Paytm and Tokopedia VP Amit Lakhotiya, Ranjan Kant from Boston Consulting Group, Nilmani Gautam of NBK Capital, Joshua Kurian of Johnson and Johnson among a few others.
Entrackr hasn’t been able to ascertain the names of other investors. We have sent queries to Singh. We will update the post as and when he responds.
GramFactory is a B2B platform that allows Kirana stores to procure FMCG products across five categories including food & beverages, personal care and hygiene, housekeeping supplies and confectionery. The firm that only operates in NCR offers an app for retailers to order and track supplies.
“Gramfactory has on-boarded several thousand retailers in the NCR region and in a process to spread footprints in UP and Haryana. It’s also negotiating a Series A round with several institutional investors which is likely to come in the next two-three months,”
Singh is a serial entrepreneur who previously ran hyperlocal grocery firm Peppertap. The firm was one of the early evangelists of online grocery in India and raised over $50 million from Sequoia Capital, SAIF Partners, and Snapdeal.
Nevertheless, PepperTap resorted on shutting down operations as it realized that figuring out unit economics was tough even in a long haul.
Gramfactory competes with a slew of companies Jumbotail, Shopkirana and Udaan. While these companies are essentially marketplaces, the Gurugram-based company has a hybrid model that also keeps inventory.