B2B wholesale platform ApnaKlub, which works with fast-moving consumer goods (FMCG), has raised $10 million in a funding round, the Economic Times of India wrote Thursday (May 12).
The report said ApnaKlub will use the funds to move further into credit and supply chain financing, and it plans to cater more to kiranas and wholesale partners. It also plans on expanding to north India and other places, the report said.
ApnaKlub’s services reportedly allow for those using smartphones to earn income through aggregated demand, supplying FMCG goods to stores. Some of the things ApnaKlub offers includes aggregation, transport and inventory handling, along with a delivery service letting products be delivered directly at predetermined prices.
Its supply chain finance platform will be working with non-banking finance companies (NBFCs), though the names of the partners were not revealed.
According to the report, ApnaKlub’s founder, Shruti, said the company understands the lack of organization in credit among kiranas, and the company plans to distribute the loans from NBFCs to help out.
India has seen a number of companies raising funds in various sectors in the past few years. In addition to ApnaKlub, grocery startup Zepto has raised funding for $200 million, according to a Reuters report which valued the company at $900 million.
The company saw some new investor interest in the sector, in which fast deliveries have been doing well among customers, now down to around 10 minutes. According to Aadit Palicha, co-founder of the company, Zepto is working in 11 cities and will be raising that number later this year.
“The scale that took food delivery companies years to achieve has taken us months (with groceries),” Palicha said. “That’s the benchmark most people use, and the market size for groceries is far bigger.”