AMPM, a New Delhi-based convenience store start-up, has raised ₹16 million funding through angel investor platform Agility Venture Partners.
Along with the investment, Agility investor Vineet Gupta, a serial entrepreneur, has also taken up the role of a mentor and lead investor in AMPM.
The funding values AMPM at ₹66 million, Prashant Narang, co-founder of Agility Venture Partners said.
"The initial funding agreement was only for ₹10 million, but we saw an over-subscription of ₹6 million, and this support and confidence has made us more optimistic of our success in the coming years,” said Shubham Gupta, Founder and Managing Director of AMPM store.
"Right now, we’re live in four cities — Karnal, Panipat, Gurugram and Yamunanagar. We aim to expand to 10 cities by the end of 2021, with at least 15 live stores across northern India. We will expand to more than 15 cities next year," he added.
Agility Venture Partners, a New Delhi-based investor fund, has planned to invest in 30 start-ups in 2021 and launch its venture capital fund by September. Backed by a group of 440 investors across five chapters in India and Dubai the fund has raised about ₹70 million for brands like Power Gummies, Vanity Wagon, CivilCops and more earlier.