Apna Mart Secures $25 Million in Funding, Eyes Aggressive Expansion

Apna Mart, a rising grocery and fast-moving consumer goods (FMCG) retail chain, has raised INR 214.5 crore in a strategic funding round led by Fundamentum Partnership Fund and Accel. It is now well-positioned to charge into India's cutthroat grocery battlefield.

The startup scooped up INR 214.5 crore through a mix of equity and debt, giving investors a front-row seat to its rapid small-town expansion strategy. Fundamentum dropped INR 84 crore, while Accel pitched in INR 60.88 crore. And that is not all, Even Peak XV Partners and Sparrow Capital also joined the funding round.

After this funding round, Accel now owns the most significant slice—20.91% of Apna Mart—followed by Peak XV at 13.06% and Fundamentum at 11.39%.

Founded by Abhishek Singh and Chetan Garg in 2021, Apna Mart isn't your typical grocery startup. Operating across 14 cities like Ranchi and Hazaribagh, it has cracked a tricky code: delivering groceries in 15 minutes while building a franchise network that keeps costs razor-thin.

The numbers tell an aggressive growth story. Operating revenue rocketed 85.6% to INR 59.6 crore in FY24, up from INR 32 crore last year. But growth comes with a price tag—losses ballooned from INR 21.8 crore to INR 33 crore.

"We're not just another delivery app," a company insider said. "We're building trust in markets everyone else ignores."

With competitors like Blinkit and Swiggy Instamart breathing down their necks, Apna Mart's small-town focus might be its secret weapon. The new funding will help them double down on this strategy, pushing deeper into India's fragmented grocery landscape.

This isn't just about delivering milk and bread. It's about reimagining retail in places more prominent players can't—or won't—touch.