SuperK raises Rs 100 Cr led by Binny Bansal and Mithun Sacheti

SuperK, a branded franchised retail chain focused on small towns in India, has raised Rs 100 crore (approximately $11.7 million) in a Series B funding round led by Binny Bansal’s 3STATE Ventures and Mithun Sancheti, founder and former CEO of CaratLane. The round also saw participation from Indian batter and current Men's Test captain Shubman Gill, along with existing investors Blume Ventures and Xeed Ventures.

In March last year, the Bengaluru-based startup raised $6 million in its Series A round, which was led by Blume Ventures.

According to SuperK, the funding will be used to significantly expand SuperK’s organizational capacity, hiring top talent across marketing, store operations, category, and growth functions, to accelerate the company’s expansion into newer towns and adjacent categories.

Industry reports suggest that grocery retail is a $600 billion market in India, with small towns (tier-II and below) accounting for more than 80% of the spend. Yet, less than 5% of this vast market is currently served by organised retail. This presents a massive opportunity for trusted, tech-enabled formats that can scale efficiently in these underpenetrated regions.

SuperK wants to become the leading supermarket in small town India, similar to Costco, by using local franchise partners, its own technology, and a loyal customer base. The company currently operates 130 stores across more than 80 small towns in Andhra Pradesh, each following a franchisee format.

Founded in 2020 by Anil Thontepu and Neeraj Menta, SuperK has developed indigenous POS machines with an in-house retail OS, a consumer-facing app, and a partner app to streamline daily operations at the store level.

The company claims it is the only offline retailer in the country with complete visibility into customer behavior, made possible through detailed data collection at each purchase. This data helps the company send tailored offers to individual customers and reward franchisees for achieving specific sales results. According to the company, its Gold membership program has increased profitability and customer retention, and now accounts for a notable portion of total sales.

SuperK has recently expanded beyond groceries into e-commerce, offering value-conscious families access to everyday essentials such as mixers, cookers, fans, and coolers, all built on top of its existing tech and supply chain infrastructure.

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.