AnKa SumMor, Bengaluru-based B2B Startup, Raises Rs 11.6 Cr in Pre-Series A
- ByStartupStory | October 14, 2021
Bangalore-based B2B supply chain startup AnKa SumMor has raised Indian rupees 11.6 Cr in a PreA funding round led by Inflection Point Ventures. Pratul Shroff of Waao Partners and Brijesh Agrawal, co-founder and director of IndiaMART, also participated in this round.
Earlier in April 2021, AnKa SumMor had been raised by Rs 3 crore as part of the pre-series A round and now with this new additional investment of Rs 8.6 crore, the round has closed at Rs 11.6 crore.
The company said S&D support participants will play a key role in developing India’s thriving retail market, which is expected to reach US$260 billion over the next 45 years.
The startup’s solutions include 8,000 stores in Hyderabad, Chennai and Bangalore and will reach a recurring income of 60 Indian rupees per year by the end of the current fiscal year. The start-up also plans to reach operating equilibrium in FY2023 and achieve annual sales of Indian rupees 500 in FY2025.
It will use the funds raised to improve product sourcing, expand operations to Chennai and Hyderabad, and expand operations to Bangalore.
The company will also be involved in using artificial intelligence and machine learning technology to create recommendation engines for brands and retailers. But until then, expanding and integrating the distribution network will be his top priority.
AnKa SumMor was founded in 2018 by Ashok George and Rajiv Joshi to provide ‘challenger’ brands low-cost access to traditional distribution points for fast-moving consumer goods, including retail stores, supermarkets and specialty stores. AnKa SumMor’s 4,444 clients include McVities, Wai Wai, Yoga Bar, Yellow Diamond, Bauli, Tru Earth, Om Bhakti, and Paper Boat.
The “SumMor model” integrates CFA (Carrier Agent), Super Stock Exchange and multi-channel distributors under a single platform. This startup provides brands with influence and presence, while also allowing them to track store-level sales data in real-time. It earns income from retail sales profits.
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