Tech startup VilCart raises $18 Mn in Series A funding led by Asia Impact SA
- ByStartupStory | January 13, 2023
VilCart, a technology startup focused on the rural economy, has raised $18 million in a Series A round led by Asia Impact SA. The round was also attended by NabVentures Fund and Texterity Private Limited.
The Bengaluru-based startup intends to expand its operations throughout South India with the new investment by 2024.
VilCart currently claims to have 85,000 Kirana stores in 30,000 villages, covering 29 districts in Karnataka and one each in Andhra Pradesh and Tamil Nadu.
VilCart increased its scale by 2.6X to Rs 209.7 crore in FY22, up from Rs 79 crore in FY21. According to the annual financial statement filed with the Registrar of Companies (RoC), the company’s losses increased 2.3X to Rs 11.13 crore in FY22 from Rs 4.81 crore the previous fiscal year.
VilCart competes with companies such as Jai Kisan, Hesa, and Fasal.
VilCart founded by Prasanna Kumar and Amith S Mali in 2018. The Tech startup provides a local language mobile app for rural kirana stores and consumers. It also works with rural kirana stores on sourcing, logistics, technology, marketing, and branding.
Among other things, the platform assists Kirana store owners with better inventory management and credit management.
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