Bharat-focused ApnaMart nears $20M funding from Accel and Sequoia in Series A round

• ByStartupStory     |    April 21, 2023

ApnaMart, a hyperlocal grocery platform focused on smaller cities in India, is reportedly close to raising $20 million in a Series A funding round led by Accel Partners, according to anonymous sources. Sequoia Capital, an existing investor, is also expected to participate. The company provides grocery delivery within 90 minutes in tier II and III cities by leveraging local offline stores and franchises to fulfill orders. It also provides distribution to grocery and fast-moving consumer goods brands. ApnaMart is currently operational in four cities: Ranchi, Jamshedpur, Hazaribagh, and Raipur.

If the deal is finalized, ApnaMart’s post-money valuation is expected to be around $50-$55 million. The company has already raised approximately Rs 22.6 crore across three tranches, with investors including Sequoia Capital, Disruptors Capital, Amplify Consultancy, AL Trust, and Titan Capital. The funding will likely be used to expand the company’s reach to other states, including NCR, Rajasthan, and UP.

While ten-minute grocery companies such as Zepto, BlinkIt, and Dunzo have been gaining popularity and attracting funding in the top 10 cities of India, ApnaMart is targeting tier II and III cities where it has no direct competitors. However, it will face indirect competition from companies like BigBasket and DealShare as it expands to other states.

Founded by Chetan Garg and Abhishek Singh, ApnaMart’s unique approach of focusing solely on smaller cities with a population of 50,000 to 2 million has helped it carve a niche in the market. The company’s use of local stores and franchises for order fulfillment and its distribution services to grocery and fast-moving consumer goods brands has allowed it to provide quick and efficient services to its customers. With the potential funding from Accel Partners and Sequoia Capital, ApnaMart is poised to expand its operations and establish a stronger foothold in the Indian grocery delivery market.

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