Grocery Retail Tech Startup Gully Network Raises $1.2 Mn to Scale to 100 Stores
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Grocery retail tech startup Gully Network said on Thursday it has raised USD1.2 million in pre-series A funding round led by Venture Catalysts.
Inflection Point Ventures, DFAN and existing investor Orios Venture Partners also participated in the round.
Gully Network was founded in 2019 by IIT Madras and IIM Ahmedabad alumni Ajay Nain, former co-founded of RentoMojo and Prateek Chaturvedi, who has work experience with Cipla and McKinsey.
The company is building an asset-light and tech-enabled network of mid-size stores under the brand Gullymart. It partners with local, stand-alone mid-size stores, providing them a retail modern retail chain experience and helping them improve sales and income.
The company claims to provide the partner stores an integrated tech-enabled solution that includes exclusive supply, increased margin, superior fulfilment rates across the entire inventory, automatic and data-driven stock replenishment and access to credit and working capital.
"We see that despite using multiple platforms for online sales, POS, supply, and loan, retailers still struggle with manual and inefficient day-to-day operations. Non-exclusive B2B apps have not gained loyalty from retailers. We work exclusively with stores and tech-enable them in all possible ways. We double their net income and completely automate their operations,” said Nain.
The company’s official statement stated Gully Network plans to use the fresh funds to scale to 100 stores.
“A lot of incomplete tech players are available in the market which target small Kirana shops. But, the true potential of the mid-sized store market is still untapped. We believe that Gully Network’s tailored-made tech solution brings the best of mid-sized stores solving the ground level challenges,” said Apoorva Ranjan Sharma, co-founder and president, Venture Catalysts.