Exclusive: Apna Mart raises $25 Mn led by Fundamentum and Accel

Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, has raised Rs 214.5 crore (approximately $25 million) in equity and debt led by Fundamentum Partnership Fund and Accel with the participation of existing investors.

Entrackr exclusively reported Apna Mart’s new funding round in December

The board at Apna Mart has passed a special resolution to issue 6,342 Series B compulsory convertible preference shares at an issue price of Rs 2,78,402 to raise Rs 176.5 crore or $20.5 million and 3,800 debentures for Rs 38 crore or $4.5 crore, its regulatory filings sourced from the Registrar of Companies (RoC) show.

Fundamentum Partnership Fund is leading the round with Rs 84 crore while Accel India, Peak XV, and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore, and Rs 4 crore, respectively. 2 AM Ventures, Disruptors Capital, and Alteria will invest the rest of the amount.

Entrackr estimates Apna Mart's post-allotment valuation at approximately Rs 738 crore ($87 million), an 81% jump from its previous funding round.

Founded by Abhishek Singh and Chetan Garg, Apna Mart guarantees grocery and FMCG deliveries within 15 minutes, in addition to its brick-and-mortar stores. Operating across 14 cities—including Ranchi, Hazaribagh, and Bilaspur—the firm utilizes a franchise model to ensure operational efficiency.

According to startup data intelligence platform TheKredible, Apna Mart has raised approximately $40 million across multiple funding rounds. Following the latest investment, Accel India remains the largest external stakeholder with a 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. Titan Capital is one of the early backers of the company.

The Bengaluru-based firm recorded an 85.6% year-on-year growth to Rs 59.6 crore of revenue during the previous fiscal year ended March 2024. In pursuit of growth, the losses for the firm also grew 51.4% to Rs 33 crore in the same period.

Apna Mart has been working to crack the grocery model through a franchise-led approach with a strong online touch. The company is scaling steadily with solid backing from investors, including Nandan Nilekani’s Fundamentum and Accel, which has doubled down on its investment. Apna Mart certainly seems to be a company to watch in the grocery category for the long haul—a space currently dominated by quick commerce players like Blinkit, Swiggy Instamart, and Zepto.