Comments
SuperK, a tech-enabled grocery retail chain for small towns, has raised ₹6 crore in Seed funding, led by Strive VC, which it plans to use the fund to expand infrastructure, improving technology and hire talent.
The round also saw participation from Firstcheque, Ramakant Sharma & Syndicate, serial entrepreneur Srinivas Anumolu, Anand Chandrasekaran (ex-Snapdeal Chief Product Officer/Facebook Director), Lalit Keshre (CEO at Groww), Rajan Bajaj (CEO at Slice), Sampad Swain (CEO at Instamojo) and others.
Also read:5paisa.com plans to raise ₹251 cr via pref issue
Neeraj Menta, Co-Founder at SuperK said, “Our mission is to bring modern retail experience to the smallest of towns in India by empowering entrepreneurs from these towns to own and operate supermarkets. Most other start-ups that are helping retailers are only providing tools to these stores while we are driving outcomes by using the technology. We have spent the last 1.5 years validating and tweaking our business model and with a strong operating playbook in place, we are now investing in logistics infrastructure and tech products to improve and scale our network of stores”.
Founded in December 2019 by batchmates at BITS Pilani — Neeraj Menta and Anil Thontepu — SuperK aims to empower small format retail stores across the country. Menta had earlier co-founded Hungerbox and built products at Flipkart and Zeta, while Thontepu previously led product management at Kaodim (a services marketplace in Malaysia), prior to which he managed growth at Hike and Phonepe.
Nikhil Kapur, partner at Strive said, “This (funding) allows SuperK to scale much faster than any other retail chain. A scalable business model with a strong tech background of the founders will make SuperK the largest retail chain of the country in the next 10 years”.
Grocery retail is a $600 billion market in India and small towns (Tier-II and below) account for more than 80 per cent of the grocery market but only less than 2 per cent is currently with organised retail chains.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.