Companies

AnKa SumMor raises ₹3 crore in pre-Series A round

Our Bureau Mumbai | Updated on April 16, 2021

Funds will be used to expand business

AnKa SumMor, a sales and distribution (S&D) platform for FMCG sector, has raised ₹3 crore in a pre-Series A round led by angel investment platform Inflection Point Ventures (IPV).

The funds raised will be used towards scaling business in Hyderabad and Chennai with improved infrastructure, coverage and branding. It will be also used for expanding operations to Bengaluru, the company said in a press statement.

Fund usage

Ashok George, Founder & CEO, AnKa SumMor, said: “This investment will predominantly go into building the tech stack, critical to manage complexity at scale efficiently and effectively, enhance predictive capabilities and provide market insights to brand partners. We will also invest in increasing S&D infrastructure and resources to increase the number of outlets serviced to deliver growth for existing brand partners, and capacity to add more brands on our platform.”

Also read: India’s start-up sector is on a roll

The FMCG industry is the fourth-largest sector in India and is expected to reach $260 billion by end of 2025, along with emerging brands growing at a pace of 2-3 times the rate of established brands.

Vinay Bansal, Founder and CEO of IPV said: “India is a complex geography and it has taken global FMCG companies decades to cover the entire country by heavily investing in setting the distribution infrastructure. The new age brands don’t have to invest millions in setting up their distribution channel when a company like AnKa SumMor can do it for them. A shared distribution network would mean lower operational costs and better pricing for consumers.”

AnKa SumMor was founded by industry veterans Ashok George and Rajiv Joshi in 2017 and has a tech-enabled plug and play S&D platform for FMCG brands.

Published on April 16, 2021

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