SuperK Secures $12 Million in Series B Funding for Expansion

SuperK has successfully raised $12 million in its Series B funding round, which was co-led by 021 Capital, supported by Binny Bansal, and FPGA Family Foundation. Existing investor Blume Ventures, along with investors Mithun Sacheti, Siddharth Sacheti, and others, also participated in this round. While details beyond the funding amount and investors were not disclosed, Startup Superb has reviewed regulatory filings to clarify the round’s structure, shareholding, and current valuation.

Investment Breakdown and Valuation

SuperK’s board allotted 7,866 Series B compulsory convertible cumulative preference shares at a price of Rs 1,29,412 each, managing to raise Rs 101.79 crore or approximately $12 million, according to its filing with the Registrar of Companies (RoC). The leading investors, FPGA Family Foundation and 021 Capital, each contributed Rs 24.98 crore ($2.93 million), while existing backer Blume Ventures contributed Rs 20 crore ($2.35 million). Mithun Sacheti and Siddharth Sacheti invested Rs 12.5 crore each. Additional contributions came from SilverNeedle Ventures, Tekkethalakal Kurien Kurien, Ananyashree Goenka, and cricketer Shubman Gill.

Valuation Surge and Investor Stakes

Startup Superb estimates indicate that SuperK’s valuation has experienced a remarkable increase of 2.4 times, rising to Rs 477 crore (around $56 million) from Rs 198 crore ($23.3 million) during its Series A funding round, where it raised $6 million led by Blume Ventures. Various sources from a startup data platform suggest that SuperK has raised approximately $24 million to date. Post this funding round, Binny Bansal-backed 021 Capital has emerged as the largest shareholder with a 21.84% stake, followed by Blume Ventures with 16.04%. New investor FPGA Family Foundation holds a 5.24% share, while both Mithun Sacheti and Siddharth Sacheti own 2.62% each. Co-founders Neeraj Mehta and Anil Thontepu together retain a substantial 27.6% stake in the company.

About SuperK

Founded in 2019, SuperK is a tech-enabled grocery retail chain headquartered in Bengaluru that empowers entrepreneurs in small towns to easily own and operate supermarkets. SuperK’s data-driven and inventory-light model effectively leverages technology, procurement, and marketing strategies at scale. Although the company has yet to submit its annual report for FY25, it reported a 41% revenue increase to Rs 84.5 crore in FY24, even as losses expanded by 30% to Rs 30.67 crore during the same year.

Competition in the Branded Retail Franchise Market

In the branded retail franchise landscape, SuperK faces competition from ApnaMart and ShopKirana, the latter of which was recently acquired by Udaan. ApnaMart had raised $25 million in March this year, in a funding round led by Fundamentum Partnership Fund and Accel.