Frendy, which is building a digitally connected convenience store network for smaller towns and rural India, has raised $2 million in a bridge round co-led by Auxano Capital, AT Capital Singapore, Priya Joseph, Rohan Jain & Rishabh Jain, Apurva Salarpuria family office and its existing investor Desai Ventures.
The firm may extend the round up to Rs 24 crore ($3 million) via a follow-on rights issue. The Ahmedabad-based company had earlier raised $3 million in Series A round co-led by Centera Fund, MARV Capital and Lets Venture in May 2022.
The company plans to use the fresh funds to expand the tech offering, private label product portfolio and expansion of stores, Frendy said in a press release.
Co-founded in 2019 by Sameer Gandotra, Gowrav Vishwakarma, and Harshad Joshi, Frendy is a shopping platform that provides grocery staples, food & beverages, fruits & vegetables, home cleaning, personal care, grooming & beauty, home & kitchen and electronics items. They are Building a network of virtual marts for Bharat via neighbourhood homepreneurs.
Frendy claims to provide the best prices for all daily needs and offers 1,000 to 2,000 products.
Frendy is currently operational in more than 40 tier II-VI towns in Gujarat and serving 50,000 customers and over 4,500 products. It also says that it has achieved a revenue of Rs 82 crore in FY23 from Rs 40 crore in FY22.