Full-stack Grocery Retail Startup SuperK gains Rs.31 Crore Funding

A full-stack grocery retail chain that aims to empower small format retail stores in India, SuperK has secured Rs. 31 Crore (approximately - ($3.7 million) in Series A Funding round directed by Blume Venture (Catalyst Trusteeship Limited).

This acquisition by the Hyderabad-based company spots the very first fundraise in the year 2024.

According to the regulatory filing of the company in the Registrar of Companies, the panel of SuperK has delivered an exceptional resolution to issue 4,521 Series A at an issue cost of Rs. 68,569 each to secure Rs. 31 crore.

Blume Venture organized the funding round with Rs. 21.65 crore, whereas the rest of amount was transferred by Veltis Capital, Stargazer Fund, CoralBay Ventures, VSS Investment Fund, Silver Needle VenturesHOF Profectus, Silver Needle VenturesHOF Profectus & Abhishek Goyal.

And the tech-based grocery retail chain startup will utilize these funding capital to cater its objectives for growth and development to make stronger the financial standard of the company.

Succeeding the fresh capital, Blume Ventures has 10.1 percent whereas Needle Ventures & Veltis Capital will facilitate 1.26 percent & 1.06 percent of the company.

As per the report of Startup data intelligence platform TheKredible, the startup has been estimated at around Rs. 198 crore, which marks a 25 percent reduce in its valuation when compared to the last funding.

In March 2022, the startup has bagged $15 million up to the present time including its $5.5 million directed by Binny Bansal-backed 021 capital. The startup holds above 100 stores across Anantapur & Kadapa.