Shopkirana earns $38 million in a fresh round of investment and wants to expand across India
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27 January 2022, Mumbai:
Shopkirana, a business-to-business company, has acquired $38 million in a fresh round of funding from investors including Info Edge, with aspirations to extend its operations to a national scale.
According to ET Tech, pure play internet startup Info Edge, Sixth Sense Ventures, and Oman India joint investment fund, as well as Trifecta, Incubate Fund, Akatsuki, Ajanta LLP, and Gunosy Capital, participated in Shopkirana's newest fundraising round.
Madhya Pradesh, Uttar Pradesh, Rajasthan, and Gujarat are the four Indian states where Shopkirana now operates. The company operates a network of around 50,000 kirana stores that it supplies with fast-moving consumer goods and groceries by connecting kirana stores with brands directly.
KEY ARTICLES
- Shopkirana, a business-to-business (B2B) company
- It has acquired $38 million in a fresh round of funding
- investors including Info Edge, with aspirations to extend its operations to a national scale
- pure-play internet startup Info Edge, Sixth Sense Ventures, and Oman India joint investment fund, as well as Trifecta, Incubate Fund, Akatsuki, Ajanta LLP, and Gunosy Capital, participated in Shopkirana's newest fundraising round
The company also works with businesses to help them expand their distribution by connecting them with kirana outlets that would sell their goods. The company's current expansion strategy calls for it to start in a new location every 15 days in order to expand its operations across India.
"We are really pleased to expand the business to a national scale with the proper product-market fit and considering the high adoption from kirana stores, legacy consumer goods companies, and direct-to-consumer or D2C businesses," Shopkirana co-founder Sumit Ghorawat told ET Tech.
Shopkirana was founded in Indore in 2015 by Deepak Dhanotiya, Sumit Ghorawat, and Tanutejas Saraswat. Shopkirana, according to Ghorawat, is the first firm in its sector to break even in terms of operations, and the company currently competes in the field with Jiomart, Jumbotail, Flipkart, and Amazon, among others.
**The statistics mentioned in the above articles have been sourced from The Economic Times.
CREDITS: ET TECH
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