Hyperlocal omnichannel grocery chain 1K Kirana Bazaar has raised $7 million in its Series A round led by Info Edge Ventures and Partners of Falcon Edge. Existing backer Kae Capital along with other investors including founders of startups such as Blackbuck and BigBasket have also participated.
The funds will be used in building technology and expanding its presence of 150 touchpoints to over 1000 kirana store partnerships in the upcoming year, said 1K Kirana Bazaar in a press release statement.
Founded by Kumar Sangeetesh, Sachin Sharma and Abhishek Halder, the startup is a network of small-town kirana stores that is involved in the product assortment mix, inventory and technological enablement. The chain has tied up with over 100 small stores on a commission basis.
The startup app acts as a virtual shelf to stock long-tail items like homeware, kitchenware, electronics and others, which its users can buy for pickup or delivery from the kirana store. It claims to have a user base of over 100,000 consumers.
Prior to this round, 1K had raised $1.5 million in its seed round led by Kae Capital and 1Crowd.