Binny Bansal-backed SuperK Secures Fresh Capital in Series A Round

• ByStartupStory     |    March 26, 2024

SuperK, the tech-enabled grocery retail chain, has successfully raised approximately Rs 31 crore (equivalent to $3.7 million) in its Series A funding round. The investment, led by Catalyst Trusteeship Limited (Blume Venture), signifies a crucial milestone for the Hyderabad-based company in 2024.

In a regulatory filing obtained from the Registrar of Companies, it was revealed that SuperK’s board passed a special resolution to issue 4,521 Series A CCPS at an issue price of Rs 68,569 each, raising a total of Rs 31 crore. Catalyst Trusteeship (Blume Venture) spearheaded the funding with Rs 21.65 crore, while contributions from VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle VenturesHOF Profectus, IA Growth Opportunities, and Abhishek Goyal completed the round.

“This investment round marks an important milestone for SuperK as we continue to strengthen our position in the market and expand our footprint,” said a spokesperson from SuperK. “We are grateful for the support of our investors who share our vision of revolutionizing the grocery retail sector.”

The funds raised will be utilized to fuel SuperK’s growth initiatives and enhance its financial standing, according to the regulatory filing.

Following the latest investment, Blume Ventures holds a 10.1% stake in SuperK, while Silver Needle Ventures and Veltis Capital own 1.26% and 1.06% respectively, of the company’s equity. Detailed shareholding patterns can be found on TheKredible.

According to data from TheKredible, SuperK has been valued at approximately Rs 198 crore or $24 million post-money, representing a 25% decrease in valuation compared to its previous fundraising efforts.

Established in 2019, SuperK operates a grocery retail chain leveraging an asset-light franchise model. With a presence in over 100 stores across Kadapa and Anantapur, the company has demonstrated robust financial performance in the last fiscal year. Its revenue surged threefold to Rs 59 crore in FY23 from Rs 19.2 crore in FY22, although losses amounted to Rs 23.5 crore in the same period.

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