ApnaKlub raises $10 million funding led by Tiger Global
ApnaKlub, a business-to-business (B2B) wholesale platform for fast-moving consumer goods (FMCG), raised $10 million in a funding round led by Tiger Global on Thursday.
The startup plans to use the funds for its foray into the credit and supply-chain financing segment and will cater to kiranas and wholesale partners. It will also use the funds to increase the number of merchant partners on its platform and enter new markets such as north India.
Founded by Manish Kumar and Shruti, 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.
“We are introducing new tools on our platform like credit and supply chain finance. We will also enter the North India market and use funds for hirings,” Shruti told ET.
The company’s new supply chain finance platform is in collaboration with non-banking finance companies (NBFCs). The startup did not reveal the names of its NBFC partners.
“We work with a lot of kirana stores and understand there is so much unorganised credit… we will disburse loans through NBFCs at a reasonable rate to our merchants,” Shruti said.
The platform allows anyone with a smartphone to earn supplemental income by aggregating demand and supplying FMCG goods to local kirana stores. ApnaKlub offers services like order aggregation, transport, and inventory handling.
It also offers a delivery service through which ApnaKlub associate partners can get products delivered directly to their customers at predetermined prices.
New York-based Tiger Global, known for its bets in growth and late-stage Indian startups, has now started backing Indian companies in the seed and early-stages. ET reported on Wednesday that ecommerce startup Shopflo was one of a few Indian startups at the pre-product stage that have received seed funding from Tiger.
"Indian consumer packed goods (CPG) retail is a $100 billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels,” said John Curtius, partner at Tiger Global.
The startup raised $4 million last August from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures.
The startup plans to use the funds for its foray into the credit and supply-chain financing segment and will cater to kiranas and wholesale partners. It will also use the funds to increase the number of merchant partners on its platform and enter new markets such as north India.
Founded by Manish Kumar and Shruti, 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.
“We are introducing new tools on our platform like credit and supply chain finance. We will also enter the North India market and use funds for hirings,” Shruti told ET.
The company’s new supply chain finance platform is in collaboration with non-banking finance companies (NBFCs). The startup did not reveal the names of its NBFC partners.
“We work with a lot of kirana stores and understand there is so much unorganised credit… we will disburse loans through NBFCs at a reasonable rate to our merchants,” Shruti said.
The platform allows anyone with a smartphone to earn supplemental income by aggregating demand and supplying FMCG goods to local kirana stores. ApnaKlub offers services like order aggregation, transport, and inventory handling.
It also offers a delivery service through which ApnaKlub associate partners can get products delivered directly to their customers at predetermined prices.
New York-based Tiger Global, known for its bets in growth and late-stage Indian startups, has now started backing Indian companies in the seed and early-stages. ET reported on Wednesday that ecommerce startup Shopflo was one of a few Indian startups at the pre-product stage that have received seed funding from Tiger.
"Indian consumer packed goods (CPG) retail is a $100 billion opportunity and kirana stores own the majority of current distribution channels. ApnaKlub is arming retailers and brands with the digital supply chain and credit tools to win across online and offline channels,” said John Curtius, partner at Tiger Global.
The startup raised $4 million last August from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital and Flourish Ventures.
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