Apna Mart Secures Rs 120 Crore in Series C Funding
Apna Mart, a franchise-driven omnichannel grocery and FMCG chain, is poised to generate Rs 120 crore (approximately $12.7 million) in a Series C funding round. This round is co-led by notable investors Accel India and Fundamentum, with the engagement of Peak XV Partners. This marks the second funding round for the company in just over a year.
Previously, this Gurugram-based startup secured around $25 million in its Series B funding round, which was led by Fundamentum and Accel in March of the previous year. The development was exclusively reported by Startup Superb.
The board of the company has approved a special resolution to issue 2,367 Series C compulsorily convertible preference shares (CCPS) at an issue price of Rs 5,06,757 each, aimed at raising Rs 120 crore in fresh capital, according to regulatory filings accessed by Startup Superb. Existing investors Accel India and Fundamentum will each contribute Rs 55 crore, while Peak XV Partners will provide the remaining Rs 10 crore.
According to estimates from Startup Superb, the valuation of Apna Mart is expected to double to Rs 1,470 crore from Rs 738 crore during its last funding round. The funds raised will be allocated towards capital expenditure, working capital needs, and general corporate initiatives.
Founded by Abhishek Singh and Chetan Garg, Apna Mart operates as a franchise-led omnichannel quick commerce platform, particularly targeting Tier II and Tier III cities. The startup delivers groceries in approximately 10 minutes through a neighbourhood store-led model, positioning itself against competitors like Blinkit, Swiggy Instamart, and Zepto.
Following this new allotment, Accel India will maintain its status as the largest external shareholder, holding a 22.83% stake in Apna Mart. The Fundamentum Partnership follows with a 14.14% stake, while Peak XV Partners will possess 12.60%.
For the fiscal year ending March 2025, Apna Mart has reported operating revenue of Rs 185 crore alongside a net loss of Rs 76 crore. The company estimates that its revenue has surged 2.5 times to Rs 500 crore in FY26, without disclosing its net profit figures. Just last month, Apna Mart undertook workforce reductions, laying off 10% of its team and relocating its headquarters from Bengaluru to Gurugram.