[Funding Alert] 1K Kirana raises $25 Mn Series B funding from Alpha Wave, Info Edge, Kae Capital, Others

1K Kirana Bazaar

The online platform for Kirana stores, 1k Kirana, raised $25 Mn in a Series B funding round at a post-money valuation of $115 Mn. The round primarily saw participation from Alpha Wave Ventures, Info Edge Ventures and Kae Capital and some angel investors. 

Namely, Amrit Acharya, Srinath Ramakkrushnan, Rahul Sharma and Vishal Chaudhary from Zetwerk and Kushal Karwa, Rishabh Karwa, Nitin Rana, Amit Bhasin from GoMechanic also participated in the funding round. 

1k Kirana plans on using these funds to enhance the supply chain and its tech infrastructure. It also intends to expand the company’s warehouse from its current 2 lakh sq feet to 6 lakh sq feet. 

1k Kirana recently raised $7 Mn in a Series A funding round which was led by Info Edge Ventures and Falcon Edge in august last year. 1K Kirana is likely to raise another $25-$30 Mn in the coming months at an increased valuation.

1k Kirana was founded in 2018 by Kumar Sangeetesh, Sachin Sharma and Abhishek Halder. The startup follows the approach of D Mart where customers can come, pick products and do checkout via its app. It follows a franchise model where it connects Tier-2 consumers with its franchise partners. 

According to the startup, 70% of its existing franchise partners are kirana stores, while 30% new kirana stores are coming into space. 

“1K Kirana is a supply chain end-to-end. The startup sources, distributes and then ensures that consumers come to the stores to buy products. Our app is used to pull consumers to the stores rather than delivering products at their doorstep.” said Kumar Sangeetesh. 

According to 1K Kirana, it had an annual recurring rate (ARR) of INR 300 Cr in the last fiscal year (2021). It said it is currently clocking INR 30 Cr monthly recurring rate (MRR) and aiming to achieve INR 1000 Cr ARR by the end of this fiscal year (2022). 

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