Apna Mart Raises Rs 214 Cr Funding Led By Accel And Fundamentum

Omnichannel grocery and FMCG chain Apna Mart has raised Rs 214.5 crore (around $25 million) in a mix of equity and debt funding round. 

Fundamentum Partnership Fund and Accel led the round with participation from other investors including Peak XV Partners, Alteria Capital, Sparrow Capital and 2AM Ventures.

The Board of Fleet Labs Technologies, the parent company of Apna Mart, issued 6,246 Series B compulsory convertible preference shares to raise Rs 176.5 crore, along with 3,800 debentures worth Rs 38 crore, according to filings with the Registrar of Companies.

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Fundamentum Partnership Fund is contributing Rs 84 crore, while Accel India, Peak XV and Sparrow Capital will invest Rs 60.88 crore, Rs 17.4 crore and Rs 4 crore, respectively. The remaining amount will be invested by 2AM Ventures, Disruptors Capital and Alteria.

About Apna Mart 

Founded in 2022 by Abhishek Singh and Chetan Garg, Apna Mart promises grocery and FMCG deliveries within 15 minutes, in addition to operating physical stores. It is present in 14 cities, including Ranchi, Hazaribagh and Bilaspur, using a franchise model to maintain operational efficiency.

Apna Mart is growing its grocery business using a franchise model combined with a strong online presence. The company is expanding steadily with strong support from investors like Nandan Nilekani’s Fundamentum and Accel, who have increased their investment.

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