Hyperlocal omnichannel shopping and distribution network, 1k Kirana has raised $25 million in its Series B funding round from Alpha Wave Ventures, Info Edge Ventures, and Kae Capital.
Prominent entrepreneurs like the founders of Zetwerk and GoMechanic have also invested in this funding round.
The company said in a statement that the current investment is the first tranche of a larger round.
Gurugram-based 1k Kirana was founded in 2018 by Kumar Sangeetesh, Sachin Sharma, and Abhishek Halder, It organizes the non-urban retail ecosystem by aggregating grocers and helping them meet consumer aspirations.
The company claims to have served over one million consumers through a network of over 1,000 franchise stores in over 25 districts of Delhi, Haryana, Rajasthan, and Uttar Pradesh.
“Over the next 12 months, we aim to serve more than 10 million consumers across 100 districts through 5,000 franchise stores”, added founders of 1k kirana in a joint statement.
“Technology plays a big role in every decision we make and every process and function we build. We would not have been able to scale so fast without our unwavering commitment to build inclusive technologies for our communities and consumers. It is imperative that we keep on investing in people to build sustainable technologies that last a lifetime and impact millions”, they added.
“Sangeetesh, Abhishek, and Sachin have built a business that combines strong growth with attractive unit economics. We are excited to partner with them as they bring a modern retail experience to underserved consumers in India’s $600 billion+ grocery market”, said, Navroz D Udwadia, Founder and Partner, Alpha Wave.
“The 1K Mall app has already enabled lakhs of non-urban Indians to shop online for the first time. We believe the 1K team is building an iconic company that is transforming how non-urban India shops for their daily needs by widening their choices with higher quality, affordable options”, said, Kitty Agarwal, Partner, Info Edge Ventures.
“Within a span of two years, they have emerged as the leader in B2B2C grocery ecommerce with very strong unit economics. We continue to believe in the vision of 1K to bring consumer aspirations closer to them in the smaller cities of Bharat,” said, Gaurav Chaturvedi, Partner at Kae Capital.
In August 2021, 1K Kirana had raised $7 million in its Series A funding round from Info Edge Ventures and Falcon Edge.
About 1K Kirana
Building India’s first tech-driven modern kirana chain for smaller towns. Their network stores will be driven by the perfect blend of technology and consumer data. Their franchise stores are called “1K Kirana Bazaar”, or in short, “1K”