UPDATE: SuperK, a branded franchised retail chain for small towns of India, has raised $6 million in a Series A round of funding led by Blume Ventures with participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates.
The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands with SuperK customers, the company said in a press release.
Original story follows:
Tech-enabled grocery retail chain SuperK has raised Rs 31 crore approximately ($3.7 million) in its Series A round led by Catalyst Trusteeship Limited (Blume Venture). This marks the first fundraise for the Hyderabad-based company in 2024.
The board at SuperK has passed a special resolution to issue 4,521 Series A CCPS at an issue price of Rs 68,569 each to raise Rs 31 crore, its regulatory filings sourced from the Registrar of Companies show.
Catalyst Trusteeship (Blume Venture) spearheaded the round with Rs 21.65 crore while VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle VenturesHOF Profectus, IA Growth Opportunities, and Abhishek Goyal collectively poured the rest of the amount.
The company will use these investments to meet its growth and expansion objectives and to strengthen its financial position, the filing further added.
Following the fresh proceeds, Blume Ventures holds 10.1% while Silver Needle Ventures and Veltis Capital will command 1.26% and 1.06% of the company. See TheKredible for the complete shareholding pattern.
According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 160 crore or $20 million (post-money). This marks a 25% down in its valuation when compared to its last fundraising.
The company has raised around $10 million to date including its $5.5 million led by Binny Bansal-backed 021 capital in March 2022.
Founded in 2019, SuperK operates a grocery retail chain with an asset-light franchise model. The company claims to operate in over 80 tier III, IV, and V towns of Andhra Pradesh serving over 5 lakh families over the last four years.
SuperK showcased strong financial performance in the last fiscal year as its revenue surged 3X to Rs 59 crore in FY23 from Rs 19.2 crore in FY22. Meanwhile, the firm’s losses stood at Rs 23.5 crore in the same period.
Update: The story has been updated to include additional information from SuperK’s press release.
