Sunday, September 25, 2022
HomeInsightFunding Alert SuperK raises $5.5mn led by Binny Bansal-backed 021 Capital

[Funding alert] SuperK raises $5.5mn led by Binny Bansal-backed 021 Capital

SuperK
SuperK

Tech-enabled grocery retail chain, SuperK raised $5.5 million in a pre-Series A funding round from Binny Bansal-backed 021 Capital.

Many investors including Ankit Nagori (Founder, Curefoods), Ashish Kacholia (public market investor), Saikiran Krishnamurthy (Co-founder, xto10x), Nipun Mehra (Founder, Ula), MarsShot Ventures (Razorpay founders), Blume Founders Fund and existing investors also participated.

The startup plans to use the funds to invest in expansion, build a strong team and brand, enhance technology and supply chain infrastructure.

The Kadapa, Andhra Pradesh-based SuperK was founded in 2019 by Neeraj Menta and Anil Thontepu, It manages the procurement, marketing, promotion, and sales for all stores through its technical systems and a Standard Operating Plan (SOP).

“The existing organised retail models are built for the metros and can’t scale deep into the semi-urban and rural markets. SuperK is on a mission to create thousands of entrepreneurs by enabling franchise partners to take advantage of the massive market opportunity while keeping the unique needs and challenges of rural retail in mind”, said, Neeraj Menta, Co-founder, SuperK.

Last year, the startup had launched around 50 stores across 20 cities in kadapa and Anantapur districts of Andhra Pradesh.

The startup claimed that we are witnessing 4x growth in franchise store sales volume and an average annual sales growth of Rs 1 crore.

“India’s non-metropolitan customers’ aspirations and consumption powered by steady growth in their incomes have been driving demand over the last few years. This is accelerating the grocery category towards organised retail in these Tier III towns in the country,” said Sailesh Tulshan, Founder, 021 Capital.

The startup has built an end-to-end integrated system that enables franchise stores to offer standardized low prices, consistent quality, best practices including discounts, cashback and digital billing.

The company aims to bring a modern retail experience to Tier III cities and beyond.

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