India-based franchised grocery retailer SuperK has successfully raised $5.5m in a pre-series A funding round.
The funding round was led by venture capital firm 021 Capital and included contributions from Curefoods creator Ankit Nagori, xto10x co-founder and CEO Saikiran Krishnamurthy, and Razorpay founders MarsShot Ventures among other investors.
SuperK said that it will use the financing to grow its operations and build a ‘strong’ team and brand, as well as improve its technology and supply chain infrastructure.
Founded by Neeraj Menta and Anil Thontepu in 2019, the start-up focuses on bringing up-to-date retail experiences to towns in India of Tier III and upwards.
SuperK uses data-driven, tech-enabled systems and an asset-light retail business structure to empower small-format retail stores in the country.
The company currently serves more than 100,000 families via its 50 outlets in 20 towns across the Kadapa and Anantapur districts in Andhra Pradesh. The stores were co-developed last year.
SuperK’s data-driven and technology-backed processes allow it to operate on an asset-light, franchised supermarket retail chain structure.
The firm aims to open more than 200 stores in more than 120 towns in Andhra Pradesh by the end of next year.
SuperK has also revealed plans to recruit individuals with experience in sales and marketing, technology and product development, and analytics and data science.
Last April, the company raised Rs6m in a seed funding round led by Strive VC, a venture capital fund that invests in technology start-ups across Asia.
Other investors in the funding round included Firstcheque, Ramakant Sharma & Syndicate, Srinivas Anumolu and Anand Chandrasekaran.
SuperK said it planned to use the investment to expand its infrastructure, improve its technology and hire more colleagues.
The company also intended to launch a mobile app to allow customers to place orders, as well as provide financial services for customers through stores and in-store tech for engagement and marketing.