ShopKirana raises $38 Mn in Series C; valuation crosses $150 Mn

B2B e-commerce platform ShopKirana has raised $38 million in its Series C round from new and existing investors. Oman India, Info Edge and Sixth Sense Ventures are the major investors in this round along with participation from Trifecta, Incubate Fund, Akatsuki, Ajanta LLP, Gunosy Capital and others.

The fresh funds has come after a gap of almost 30 months for the Indore-based company which raised its last round worth $10 million in August 2019.

As per the company’s regulatory filings, it has approved the allotment of 44 equity shares and 42,404 Series C preference shares at an issue price of Rs 47,465.3 each to raise Rs 200.5 crore or nearly $27 million.

Oman India has invested Rs 60.8 crore in this round followed by Info Edge and Sixth Sense Ventures which put Rs 53.47 crore and Rs 53.37 crore respectively. The remaining amount has come from Ajanta LLP, 9Unicorns, NISA Family Trust, IF India, VSS Investco and individuals such as Kunjal L Patel, Rajiv Ranjan Mishra and Lashit Sanghvi.

As per Fintrackr’s estimates, ShopKirana has raised the fresh funds at around $155 million valuation (post-money). The company’s valuation is likely to go up to $165-170 million when it will receive the whole amount.

Seven-year-old ShopKirana connects retailers and brands directly through a mobile app and helps them in placing orders, maintaining inventory, optimising the delivery routes and making payments. Besides helping in procurement, the platform provides financial services such as banking and loan facilities.

 Entrackr’s queries to ShopKirana remained unanswered until the publication of this story. We’ll update the story as and when we hear from them.

ShopKirana competes with a slew of companies Jumbotail, Max Wholesale, KiranaKart, Gramfactory and Udaan. Udaan is the largest funded startup in this segment and is currently valued at over $3.1 billion whereas Jumbotail had raised $85 million in its Series C round in December at an undisclosed valuation.