B2B Sales & Distribution Start-up AnKa SumMor Raises INR11.6 Crore to Solve Supply Challenges
AnKa SumMor was founded by Ashok George and Rajiv Joshi in 2018. The start-ups provide department stores and warehouse for FMCG brands and challenger. It is a one stop contact to supply all retail networks in city.
AnKa SumMor is partnered with many brands such as Yellow Diamond, Bauli, Wai Wai, Tru Earth, Paper Boat, Om Bhakti, McVities and Yoga Bar etc.
The start-up merges and combines with super stockists, CFA (Carry and Forwarding Agents) and multi-network distributors under one roof. It provides access to brand to monitor structured data in real time and earns gross profit on retail sales.
Ashok George, CEO and co-founder of AnKA SumMor sys, “The Indian retail industry is very fragmented”. “Distributors also act as financiers and infrastructure providers. Attrition is very high, and the whole process is very inefficient. With AnKa SumMor, we are trying to consolidate the distribution network”, he underlines.
Mr. George said, S&D authorize players will contribute in pumping the expansion of Indian retail market which is predicted to reach $260 Billion in next 4 to 5 years. The start-up claimed, it is already wrapped around 8,000 retail stores in Chennai, Benguluru and Hyderabad and will gain annual revenue of INR 60 crore at the end of the financial year.
The new fund rasie will utilize for expanding the product manufacturing and company growth in Benguluru, Hyderabad and Chennai.
Mr. George stated that the start-up will also stepping into AI and machine manufacturing to supply customized engines for both retailers and brand. Currently, their main priority is expanding and merging supply channels.
According to an IBEF report, Indian retail market was estimated to be worth $883 billion in 2020, while grocery retail market to be worth $608 billion of that figure. In 2024, the market is projected to reach $1.3 trillion.