Kiranatech platform 1K Kirana Bazaar has scooped up Rs 195 crore or $25 million in its Series B round from new and existing investors. The Gurugram-based startup had raised $7 million in Series A round co-led by Info Edge Ventures and Alpha Wave in August.
1K Kirana Bazaar has approved the allotment of 20 equity shares and 7,600 preference shares at an issue price of Rs 256,045 per share to raise Rs 195.1 crore, regulatory filings show. Entrackr had exclusively reported about the financing round.
The new round appears to be ongoing one and the company may rake in more funds.
Alpha Wave has led the round with Rs 89.62 crore followed by Info Edge which has put in Rs 81.98 crore. Kae Capital, Beacon Trusteeship Ltd, Kalysta Capital, Elite Zilla, Infimomentum Ventures, Sachin Sharma have also invested in this round.
As per Fintrackr’s estimates, 1K Kirana Bazaar has been valued at around Rs 835 crore or $110 million, registering a 5.4X jump in valuation as compared to Rs 155 crore or $20 million during its extended Series A round in February 2022.
Following the fresh allotment of shares, 1K Kirana Bazaar’s co-founders – Abhishek Haldar, Kumar Sangeetesh have 10.6% stake each while Sachin Sharma holds 9.79%. Info Edge is the largest stakeholder among investors in the company followed by Kae Capital and Alpha Wave with 21.81%, 13.05% and 10.17% stake respectively.
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 and offer them a full-stack solutions, including inventory management.
1K Kirana had registered 54.75% increase in its operating icome to Rs 11.56 crore in FY21 from Rs 7.47 crore in FY20. The company’s losses surged around 2X to Rs 4.31 crore in the last fiscal year from Rs 2.2 crore in FY20.