Former Swiggy e-commerce unit head, Karthik Gurumurthy, secures $3 million funding for his new offline retail startup, reportedly named Convenio. The funding, led by Matrix Partners India with a $2 million investment, along with contributions from a group of angel investors, marks Gurumurthy's foray into the offline retail space. Convenio is set to concentrate on the fresh produce segment, adopting a low-cost physical store model similar to Aldi in Germany, the UK, and other parts of Europe.

In a recent LinkedIn post, Gurumurthy outlined his mission, expressing, "(I) have embarked on the journey of addressing the challenges in the fresh category retail sector in India – addressing the consumer need for high-quality fresh fruits, vegetables, dairy, bakery, etc., at affordable prices". During his tenure at Swiggy, Gurumurthy played a crucial role in the development of Swiggy Instamart, the company's quick-commerce division specializing in groceries and other essential items.

Matrix Partners India, recognized for supporting successful startups like Ola Electric, Razorpay, and The Whole Truth, is making its second investment in a senior executive transitioning from a large startup to a new entrepreneurial venture. The venture capital firm recently invested in Vivek Sinha’s upskilling startup after his departure as the former Chief Operating Officer of Unacademy. The trend of experienced executives becoming founders is gaining momentum, with individuals such as Swiggy's former CTO Dale Vaz establishing his fintech company and raising $7 million from Accel and Elevation. VC firms acknowledge the value of backing senior executives turned founders, leveraging their business-building expertise and ability to attract top talent, facilitating smoother transitions into entrepreneurship.