Bengaluru-based wholesale ecommerce marketplace ApnaKlub has raised $10 Mn in its Series A funding from Tiger Global.
The funding will be used to deepen infrastructure in key states, expand the platform from 5,000 to 20,000 partners and build the credit products, the startup said in a statement.
The startup raised around $4 Mn in funding from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
Founded in 2020 by Manish Kumar and Shruti, ApnaKlub allows retailers and kirana stores to procure goods at wholesale rates, even when they cannot meet the minimum order stipulated by distributors.
Kirana stores are often constrained by working capital due to which they are not able to procure goods at optimal rates. The startup provides these stores with a broad range of products from the wholesalers with no minimum order limit.
“ApnaKlub helps retailers and traders in Tier 2 and 3 cities of India to leverage their collective demand and geographic presence, into a flourishing retail business, which provides greater consumer choice and delight, by providing access to a wider range of products at comparable margins, as well as better credit and logistics terms than status quo,” said Shruti, cofounder and CEO, ApnaKlub.
ApnaKlub allows anyone with a smartphone and an entrepreneurial drive to earn supplemental income by aggregating demand and supplying FMCG goods to retail stores in his local community. The B2B startup takes care of order aggregation, transport, inventory handling and provides a zero capital model, it said.
“Indian CPG retail is a $100 Bn opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels,” said John Curtius, partner at Tiger Global.
With ApnaKlub, a user can digitise his wholesale business as a rural wholesaler or expand his business as a shopkeeper. It also creates opportunities for regional brands to list their products and earn better by reaching a wide customer base across India, said Manish Kumar, cofounder and COO, ApnaKlub.
Making use of the platform, wholesalers increase profits and sale volumes by winning over a large share of their customer’s wallet and get access to more than 1,000 SKUs. New wholesalers get training, inside knowledge of the market and a zero money investment model.
GoKwik, a day ago, secured $35 Mn in a Series B round led by Think Investments and RTP Global. It has been focusing on offering convenience and seamless experience to merchants and shoppers in the ecommerce segment.
Shopflo on May 11 secured $2.6 Mn in a seed funding round from Tiger Global and TQ Ventures. Better Capital and other angel investors also participated in the round.
Last month, Gurugram-based GenieMode raised $27.5 Mn in a Series B funding round led by Tiger Global.
Meanwhile, the social commerce segment has shifted the balance of power from large corporations and brands to content creators and D2C brands in the last decade.
While the Indian ecommerce market is estimated to grow at a steady pace to about $400 Bn by 2030 at an estimated CAGR of 18.9%, the social commerce market is expected to grow to hit $70 Bn by 2030, as per a report by Inc42.
The reasons can be attributed to the digital revolution among other factors. With more than 834 Mn internet subscribers, 931 Mn smartphone users and a 61% internet penetration rate, India has a lot going to facilitate the new age of consumer behaviour.
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Bengaluru-based wholesale ecommerce marketplace ApnaKlub has raised $10 Mn in its Series A funding from Tiger Global. The funding will… News, TBDInc42 Media