Retail Tech Startup ShopKirana Raises US$ 10 Mn In Series B From Akatsuki, InfoEdge, Incubate Fund & Others
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Indore-based retail start-up ShopKirana raised $10 million in Series B round of funding which saw the participation of existing investors including Info Edge, Incubate Fund, Akatsuki AET Fund, NPTK Emerging Asia Fund and Better Capital.
The funds will be utilized for expanding in tier 2 cities. Sumit Ghorawat, Co-Founder, ShopKirana, said, "We are building the biggest and quickest go-to-market channel for FMCG brands to reach to rising middle class Indian consumers via kirana stores. ShopKirana platform has the ability to place an international brand in local kirana stores and has the power to take a local brand to India scale.”
ShopKirana which is a B2B ecommerce startup, was founded in 2015 by Tanutejas Saraswat, Sumit Ghorawat, and Deepak Dhanotiya. It uses technology and supply chain to directly connect retailers with brands.
Today, it is present in 6 states, 30 cities with 100,000 stores. While India is still in the phase of transitioning from offline to online in the retail sector, the online market remains dominant at US$500 billion with 18 million retailers and is expected to reach $1 trillion by the end of 2020.
New technology is also adding and contributing to the Indian retail ecosystem. It is everywhere. India has numerous B2B ecommerce start-ups in India, some which went on to become unicorns even including Udaan and Flipkart, the industry till date remains robust, ever-changing and dynamic. Among the smaller startups, ShopX, ZoomTail, Martjack are some of the notable ones.
Last year, it raised $2 million in Series A funding from the same set of investors.