Connect with us

Business

Apnaklub raises $3.5 million in funding from Sequoia Capital India’s Surge

Published

on

Apnaklub raises $3.5 million in funding from Sequoia Capital India’s Surge

BANGALORE: Apnaklub, a B2B wholesale platform for fast-moving consumer goods (FMCG), announced it has raised $3.5 million in a seed round from Sequoia Capital India’s Surge, bringing the total funds raised so far to $5 million.

Apnaklub connects India’s retailers, such as kirana and general stores in semi-urban and rural areas, to a wide range of consumer goods and brands via its network of digitally-connected wholesale partners.

A 2020 report by Accenture estimated that by this year, 13 million kirana shops across India will account for 75% of the total retail industry. However, kirana owners are often unable to meet a minimum quantity or purchase amount to buy from distributors, who in turn are constrained by the capital needed to deploy goods to these areas. This leaves many of these retailers with a limited assortment of goods to stock in their neighbourhood stores.

Apnaklub addresses this gap by connecting wholesale agents to provide kirana stores with a wider range of SKUs, no minimum order quantity and competitive prices. Apnaklub’s network of agent partners help collect demand from their surrounding kirana stores, aggregate them, and place an order on the app. Apnaklub then delivers the goods to the partner, who then distributes them to the stores.

“With Apnaklub, we are providing wholesalers across the country with an organised supply infrastructure and digital tools to cater to the hyper-local needs of shopkeepers and large families around them. This funding will enable us to expand across more rural areas in India as well as increase our range of services and products for our partners,” said Manish Kumar, Chief Operating Officer of Apnaklub,in a statement.

According to the 2020 report by Accenture, the digital transformation of just 10% of the 13 million kirana stores in the country could boost retail consumption by more than 5% and generate about 3.2 million new jobs.

Apnaklub Partner Program currently includes the participation of over 5,000 wholesalers. Partners are provided with personalised training and support to create sustainable wholesale businesses for themselves, while also earning a commission on each order they fulfil. The company has plans to layer other services onto its network, such as providing pricing and market intelligence data to small and large brands alike.

“Our mission is to equip people across India with the means to set up their own hyper-local micro-distribution businesses, by providing them with better profit margins, access to a large assortment of brands and ensuring supply consistency,” said Shruti, Founder and CEO of Apnaklub, in a statement.

Apnaklub was founded in July 2020 in Bangalore by Manish Kumar and Shruti. Apnaklub is part of Surge’s fifth cohort of 23 companies that have developed new digital solutions to help companies and individuals work, live and learn better in a rapidly evolving Southeast Asian landscape.

Main Article
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor.