Retail brand SuperK’s valuation jumps 2.4X in Series B round

SuperK, a branded retail franchise for small towns in India, recently raised around $12 million in its Series B round co-led by Binny Bansal-backed 021 Capital, FPGA Family Foundation with the participation of existing investor Blume Ventures, Mithun Sacheti, Siddharth Sacheti and others.

While the company did not disclose details beyond the amount and investors, Entrackr reviewed its regulatory filing to decode the round breakup, shareholding, and current valuation.

The SuperK’s board has allotted 7,866 Series B compulsory convertible cumulative preference shares at an issue price of Rs 1,29,412 each to raise Rs 101.79 crore or $12 million, as per its filing with the RoC.

FPGA Family Foundation and 021 Capital led the round with Rs 24.98 crore ($2.93 million) each followed by existing backer Blume Ventures Rs 20 crore ($2.35 million). Former CEO of Caratlane Mithun Sacheti and Siddharth Sacheti also participated in the round with Rs 12.5 crore each. Rest of the amount was covered by SilverNeedle Ventures, Tekkethalakal Kurien Kurien, Ananyashree Goenka and cricketer Shubman Gill.

According to Entrackr estimates, SuperK’s valuation surged 2.4X to Rs 477 crore (approximately $56 million), up from Rs 198 crore ($23.3) during its Series A round where it raised $6 million led by Blume Ventures. 

According to startup data platform TheKredible, SuperK has raised about $24 million to date. Following this round, Binny Bansal-backed 021 Capital emerged as the largest shareholder with a 21.84% stake, followed by Blume Ventures at 16.04%. New investor FPGA Family Foundation holds 5.24%, while Mithun Sacheti and Siddharth Sacheti own 2.62% each. Co-founders Neeraj Mehta and Anil Thontepu together retain 27.6%.

Founded in 2019, Bengaluru-based SuperK is a tech-enabled grocery retail chain that empowers small-town entrepreneurs to own and operate supermarkets with ease. Its data-driven, inventory-light model provides the advantages of technology, procurement, intelligence, branding, and marketing at scale.

While SuperK has yet to file its annual report for FY25, the firm reported a 41% jump in revenue to Rs 84.5 crore in FY24, while its losses also surged 30% to Rs 30.67 crore during the same period.

In the branded retail franchise space, ApnaMart faces competition from SuperK, as well as from ShopKirana, which was recently acquired by Udaan. ApnaMart had raised $25 million in March this year in a round led by Fundamentum Partnership Fund and Accel.