Exclusive: Apnaklub kicks off Series A round led by Tiger Global

Business-to-business (B2B) wholesale platform, Apnaklub has raised a new round led by Tiger Global. This would be the maiden fundraise for the Bengaluru-based company in 2022. It had raised a seed round in August last year.

Apnaklub has issued 10,721 Series A CCPS to Tiger Global at an issue price of Rs 7,0956.5 per share amounting to Rs 76.07 crore or $10 million, regulatory filings show.

Founded in 2020, Apnaklub connects retailers and kirana stores and fast-moving consumer goods (FMCG) brands via its wholesale partners. The company has built an independent sales network for brands eyeing footholds in semi-urban and rural areas.

Apnaklub had raised $3.5 million from Sequoia Capital India’s accelerator programme - Surge and seed capital from Blume Ventures and Whiteboard Capital.

According to Fintrackr’s estimates, Apnaklub has been valued at Rs 266 crore or $34 million (post-money). The firm’s Series A round appears to be an ongoing one and it’s likely to raise more capital in this round.

The company competes with ElasticRun, DealShare, ShopKirana and Udaan. ElasticRun had raised $300 million at a valuation of $1.4 billion in February this year while DealShare scored $175 million around the same time at a valuation of about $2 billion.

ShopKirana also cornered $38 million Series C financing in January while Udaan has been raising back to back debt rounds.

For the year ending March 2021, Apnaklub recorded a 23X jump in its operating revenues to Rs 5.68 crore from Rs 24 lakh in FY20. Importantly, the company had controlled losses by 34.3% which stood at Rs 94 lakh during FY21 as compared to Rs 1.43 crore in FY20.