Kiranatech platform 1K Kirana Bazaar is in advanced stage talks to raise a new round from existing and new investors, according to three sources aware of the matter. The Gurugram-based startup had raised $7 million in Series A round co-led by Info Edge Ventures and Alpha Wave (Falcon Edge) less than a year ago in August.
“Alpha Wave is going to put in around $25 million in 1K Kirana Bazaar’s new round that may go over $35 million,” said one of the sources on the condition of anonymity.
Four-year-old 1K Kirana Bazaar is a consumer-focused retail brand that partners with neighborhood kirana stores in smaller towns enabling them to compete with both online and offline (organized) retail.
The app allows consumers to find local products in the nearest Kirana store. It partners with mid-size retail stores in tier I and II cities to offer full-stack solutions, including inventory management et al to improve their efficiency.
“The round will also see the participation of existing backers such as Info Edge and Kae Capital and some new investors may join,” said the second person who also wished to not be named. “The deal will value 1K Kirana Bazaar in the range of $150 million.”
According to sources, the terms of the deal have been sealed and if nothing goes wrong at the last moment, it’s likely to be announced soon. Entrackr could not verify the name of new investors participating in this round.
Queries sent to 1K Kirana Bazaar, Alpha Wave and Info Edge did not elicit an immense response. We’ll update the post in case they do.
1K Kirana Bazaar majorly competes with the likes of PepperTap, Super K, Gully Network, and Shoopy. Out of these, PepperTap Supermart is the only other player to have scaled well with omnichannel capabilities, with over 300 stores in their network across multiple cities.