According to three sources, hyperlocal grocery platform ApnaMart is in advanced talks to raise $15-20 million in a Series A funding round led by Accel Partners. Sequoia Capital, an existing investor, is also likely to participate in the funding round. ApnaMart is a Bharat-focused platform that delivers groceries within 90 minutes in tier II and III cities by leveraging local offline stores and franchises. The company is currently operational in four cities and has already raised around Rs 22.6 crore across three tranches from investors such as Sequoia Capital, Titan Capital, and others. The company will be valued at around $50-$55 million (post-money) after the funding round. ApnaMart’s indirect competitors include BigBasket, DealShare, and CityMall.
According to the company’s regulatory filing with the Registrar of Companies (RoC), ApnaMart has raised around Rs 22.6 crore across three tranches from investors such as Sequoia Capital, Disruptors Capital, Amplify Consultancy, AL Trust, Titan Capital, and others. It is worth noting that while ApnaMart may not have direct competitors in the tier II and III cities where it operates, it will likely face competition from other hyperlocal grocery platforms such as BigBasket, DealShare, and CityMall as it expands to other regions. These platforms also cater to smaller cities and towns and have been expanding their reach in recent years. As the demand for online grocery shopping continues to grow in India, competition among these platforms is likely to intensify.