Sequoia Capital closes $3.5 million funding round for Wholesale Platform Apnaklub
Apnaklub, a B2B wholesale platform for fast-moving consumer goods (FMCG), announced that it has raised $3.5 million in a seed round from Sequoia Capital India's Surge, bringing its total funding to US$5 million. Apnaklub's network of digitally connected wholesale partners connects India's retailers, such as Kirana and general stores in semi-urban and rural areas, to a diverse range of consumer goods and brands.
According to an Accenture 2020 report, by this year, 13 million Kirana shops across India will account for 75% of the total retail industry.
However, Kirana owners are frequently unable to meet a minimum quantity or purchase amount required by distributors, who are in turn constrained by the capital required to deploy goods to these areas. As a result, many of these retailers have a limited selection of goods to stock in their neighbourhood stores.
Apnaklub fills this void by connecting wholesale agents to provide a wider range of SKUs, no minimum order quantity, and competitive prices to Kirana stores. Apnaklub's network of agent partners collects demand from nearby Kirana stores, aggregates it, and places an order on the app. Apnaklub then delivers the merchandise to the partner, who distributes it to the stores.
“With Apnaklub, we are providing wholesalers across the country with an organized supply infrastructure and digital tools to cater to the hyper-local needs of shopkeepers and large families around them. This funding will enable us to expand across more rural areas in India as well as increase our range of services and products for our partners,” said Manish Kumar, Chief Operating Officer of Apnaklub.
As per the report, digital transformation of just 10% of the country's 13 million kirana stores could increase retail consumption by more than 5% while creating 3.2 million new jobs.
Apnaklub's innovative, agent-led solution, known as the Apnaklub Partner Program, currently has over 5,000 wholesalers participating and counting. Partners are given personalised training and support to help them build long-term wholesale businesses while also earning a commission on each order they fill.
Apnaklub's innovative, agent-led solution, known as the Apnaklub Partner Program, currently has over 5,000 wholesalers participating and counting. Partners are given personalised training and support to help them build long-term wholesale businesses while also earning a commission on each order they fill.
In addition, the startup intends to layer other services onto its network, such as providing pricing and market intelligence data to both small and large brands.
Apnaklub was founded in July 2020 in Bangalore by Manish Kumar and Shruti. Apnaklub is a member of Surge's fifth cohort of 23 companies that have created new digital solutions to help businesses and individuals work, live, and learn more effectively in a rapidly changing Southeast Asian landscape.
According to an Accenture 2020 report, by this year, 13 million Kirana shops across India will account for 75% of the total retail industry.
However, Kirana owners are frequently unable to meet a minimum quantity or purchase amount required by distributors, who are in turn constrained by the capital required to deploy goods to these areas. As a result, many of these retailers have a limited selection of goods to stock in their neighbourhood stores.
Apnaklub fills this void by connecting wholesale agents to provide a wider range of SKUs, no minimum order quantity, and competitive prices to Kirana stores. Apnaklub's network of agent partners collects demand from nearby Kirana stores, aggregates it, and places an order on the app. Apnaklub then delivers the merchandise to the partner, who distributes it to the stores.
“With Apnaklub, we are providing wholesalers across the country with an organized supply infrastructure and digital tools to cater to the hyper-local needs of shopkeepers and large families around them. This funding will enable us to expand across more rural areas in India as well as increase our range of services and products for our partners,” said Manish Kumar, Chief Operating Officer of Apnaklub.
As per the report, digital transformation of just 10% of the country's 13 million kirana stores could increase retail consumption by more than 5% while creating 3.2 million new jobs.
Apnaklub's innovative, agent-led solution, known as the Apnaklub Partner Program, currently has over 5,000 wholesalers participating and counting. Partners are given personalised training and support to help them build long-term wholesale businesses while also earning a commission on each order they fill.
Apnaklub's innovative, agent-led solution, known as the Apnaklub Partner Program, currently has over 5,000 wholesalers participating and counting. Partners are given personalised training and support to help them build long-term wholesale businesses while also earning a commission on each order they fill.
In addition, the startup intends to layer other services onto its network, such as providing pricing and market intelligence data to both small and large brands.
Apnaklub was founded in July 2020 in Bangalore by Manish Kumar and Shruti. Apnaklub is a member of Surge's fifth cohort of 23 companies that have created new digital solutions to help businesses and individuals work, live, and learn more effectively in a rapidly changing Southeast Asian landscape.
