SuperK Raises $5.5 Million In Pre-Series A Funding Round Led By 021 Capital
Funds will be utilized to invest for expansion, build a strong team and brand, enhance technology and supply chain infrastructure
Tech-enabled grocery retail chain, SuperK, announced on Tuesday to have raised $5.5 million in pre-series A funding round. The round was led by Binny Bansal-backed 021 Capital with participation from other investors. Funds will be utilized to invest for expansion, build a strong team and brand, enhance technology and supply chain infrastructure. Other investors who participated in the round included Saikiran Krishnamurthy (co-founder & CEO, xto10x), Ankit Nagori (founder, Curefoods), Ashish Kacholia (public market investor), Nipun Mehra (founder & CEO, Ula), MarsShot Ventures (Razorpay founders), Blume Founders Fund and existing investors.
"SuperK is on a mission to create thousands of entrepreneurs by enabling franchise partners to take advantage of the massive market opportunity while keeping the unique needs and challenges of rural retail in mind. We plan to scale rapidly and reach 200+ stores across 120+ towns in Andhra Pradesh by end of next year." said Neeraj Menta and Anil Thontepu, Co-Founders, SuperK.
In India, traditional retail from small towns constitutes more than 80 per cent of the retail market, employing millions of people. While grocery retail is a $600bn market, organized retail chains account for less than 2 per cent. However, poor sourcing and lack of access to technology have prevented small, rural retailers from taking advantage of the massive market opportunity, according to a statement given by the company.
"India's non-metropolitan customers' aspirations and consumption powered by steady growth in their incomes have been driving demand over the last few years. This is accelerating the grocery category towards organized retail in these tier 3 towns in the country," said Sailesh Tulshan, founder, 021 Capital
Co-founded in 2019 with an aim to revolutionize the retail sector of small towns, SuperK is bringing modern retail experience through its asset-light, franchised grocery retail chain to India's tier 3 towns and beyond. Over the past year, SuperK has co-created close to 50 stores across 20 towns of Kadapa and Anantapur Districts of Andhra Pradesh and serves over one lakh families. The franchisee stores have seen a 4 times growth in sale volume, clocking approximately INR 1 crore on average in annual sales resulting in a 10 times jump in their take-homes.