Saturday, July 13, 2024

B2B FMCG wholesale platform Apnaklub raises US$3.5 million in funding from Sequoia Capital India’s Surge

Apnaklub, a B2B wholesale platform for fast-moving consumer goods (FMCG), today announced it has raised US$3.5 million in a seed round from Sequoia Capital India’s Surge, bringing the total funds raised so far to US$5 million. Apnaklub connects India’s retailers, such as kirana and general stores in semi-urban and rural areas, to a wide range of consumer goods and brands via its network of digitally-connected wholesale partners.

“With Apnaklub, we are providing wholesalers across the country with an organised supply infrastructure and digital tools to cater to the hyper-local needs of shopkeepers and large families around them. This funding will enable us to expand across more rural areas in India as well as increase our range of services and products for our partners,” said Manish Kumar, Chief Operating Officer of Apnaklub.

Kirana stores are small neighbourhood shops in India that supply essentials for rural
communities, such as daily household necessities, snacks, sanitary products and tobacco. A 2020 report by Accenture estimated that by this year, 13 million kirana shops across India will account for 75% of the total retail industry.

Apnaklub addresses this gap by connecting wholesale agents to provide kirana stores with a wider range of SKUs, no minimum order quantity and competitive prices. Apnaklub’s network of agent partners help collect demand from their surrounding kirana stores, aggregate them, and place an order on the app. Apnaklub then delivers the goods to the partner, who then distributes them to the stores.

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