Apna Mart Raises $25 Million from Fundamentum, Accel

Apna Mart, a Bengaluru-based omnichannel grocery and FMCG chain, has successfully raised approximately $25 million in a mix of equity and debt funding, led by Fundamentum Partnership Fund and Accel, with contributions from existing investors such as Peak XV Partners and Sparrow Capital. The funding will support the company's operations and expansion, which currently focuses on delivering groceries within 15 minutes across tier-II and tier-III cities. In the fiscal year ending March 2024, Apna Mart reported revenues of Rs 59.6 crore, marking an 85.6% year-on-year growth, although its net losses increased to Rs 33 crore. Following this funding round, Accel has become the largest external stakeholder with a 20.91% share. The company aims to compete with traditional mom-and-pop stores and other modern retail chains, leveraging its franchise model for efficiency. Overall, Apna Mart has raised around $40 million across various funding rounds since its inception in 2021.