ApnaKlub Raises $10 Million in Series A Funding from Tiger Global
The round follows the $4 million round the startup raised from Sequoia India's Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021
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ApnaKlub, an FMCG wholesale platform for low population density markets, has raised $10M in Series A funding from Tiger Global. This follows the $4 million round they raised from Sequoia India's Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures in August 2021.
The funding will be used to deepen infrastructure in key states, expand the platform from 5000 to 20,000 partners and build out the credit product.
ApnaKlub, incubated with Whiteboard Capital in 2020 by Shruti and Manish, focuses on social sellers and kirana-store owners from Tier II and Tier III cities. With ApnaKlub, a user can digitize their wholesale business as a rural wholesaler or expand their business as a shopkeeper.
"ApnaKlub helps retailers and traders in Tier II and Tier III cities of India to leverage their collective demand and geographic presence, into a flourishing retail business, which provides greater consumer choice and delight, by providing access to a wider range of products at comparable margins, as well as better credit and logistics terms than status quo," said Shruti, co-founder and CEO, ApnaKlub.
ApnaKlub allows anyone with a smartphone and an entrepreneurial drive to earn supplemental income by aggregating demand and supplying FMCG goods to retail (kirana) stores in their local community. The startup takes care of order aggregation, transport, inventory handling and provides a zero capital model.
"Indian CPG retail is a $100 Billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels. Shruti and Manish have built a rapidly growing platform based on deep customer insights," said John Curtius, partner, Tiger Global.
With ApnaKlub, wholesalers increase profits and sale volumes by winning over a large share of their customer's wallet and get access to over 1000 SKUs, said the company in a statement. New wholesalers get training, inside knowledge of the market and a zero money investment model.
"ApnaKlub brings the convenience of digital wholesale supply to tier 2 & tier 3 smartphone users. It also creates opportunities for regional brands to list their products and earn better by reaching a wider audience across India," said Manish, co-founder and COO, ApnaKlub.