B2B wholesale platform ApnaKlub raises $16 mn in Series A funding round

ApnaKlub, the B2B wholesale platform for fast-moving consumer goods, has raised a total of $16 million in a series A round of funding. This comes after ApnaKlub raised $10 million from Tiger Global in late 2022. ApnaKlub has raised $20 million till date.

The additional funding has come from TrueScale Capital and ICMG Partners, with participation from Flourish Ventures, Sequoia India’s Surge, Blume Ventures, and Whiteboard Capital.

The funds will be used to enhance a digital platform for kirana store owners and wholesalers in tier-2 and tier-3 cities to purchase goods and services. This is a $100 billion consumption market.

ApnaKlub is focused on making it easier for small business owners in India to access the products and services they need to run their businesses effectively. With this follow-on funding, the company will be able to continue expanding its platform and offering more products and services to its customers. ApnaKlub addresses the pain points of 40 per cent of this TAM with a radically different model and significantly better unit economics.

"We are thrilled to have the support of such reputable investors as TrueScale Capital and ICMG Partners, as well as the continued strong support of our existing investors," said ApnaKlub COO, Manish. "This funding will allow us to continue growing our platform and offering more value to our customers."

ApnaKlub was founded in 2020 by Shruti and Manish, two entrepreneurs with strong backgrounds in product, finance, strategy, and FMCG distribution. Shruti, who holds a gold medal from IIT Delhi and an MBA from Harvard Business School, brings expertise from her time in consulting and investing to the company. Manish has extensive experience in retail and FMCG, having held leadership roles at Walmart India, Metro Cash & Carry, and Future Group.

ApnaKlub has processed over 200,000 orders, onboarded, and transacted with more than 33,000 partners, all while keeping burn to a minimum.

Sameer Nath, the managing partner at TrueScale Capital, said "We are delighted to help ApnaKlub achieve its expansion objectives. We seek to partner with experienced founders who are demonstrating meaningful revenue and growth in large target markets in a capital-efficient manner. Shruti and Manish exemplify these parameters. We have been very impressed with ApnaKlub’s ability to scale while sustaining best-in-class unit economics."

The company also announced the elevation of Gourav Das, CPTO, and Ashutosh Kumar, Growth and New Initiatives to the position of founding team members. "We are confident in our extraordinary team’s ability to continue driving growth in the future," said ApnaKlub CEO Shruti. "It has been a successful and exciting year for ApnaKlub, and we are grateful for the support of our employees, partner brands, and customers."