Grocery retail chain for small towns SuperK raises $6 million
Mar 27, 2024, 14:16 IST
New Delhi, SuperK, a franchised grocery retail chain for small towns, on Wednesday said it has raised USD 6 million (around Rs 49 crore) in a funding round, led by Blume Ventures. The Series A funding round also saw participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates, according to a company statement.
"The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands with SuperK customers," it said.
SuperK is currently operating in more than 80 Tier 3, 4, 5 towns of Andhra Pradesh.
"We were tracking this space for a couple of years and while the market was hot for Tier 3-4 towns, retail enabled by a tech supply-chain backbone, we saw SuperK's dense approach in AP paying off dividends and delivering store level profitability - we think it's the right way to build modern trade for Bharat.
"We are excited to back the next phase of scale before we eventually tackle most of South India," Karthik Reddy, Co-founder of Blume Ventures, said.
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"The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands with SuperK customers," it said.
SuperK is currently operating in more than 80 Tier 3, 4, 5 towns of Andhra Pradesh.
"We were tracking this space for a couple of years and while the market was hot for Tier 3-4 towns, retail enabled by a tech supply-chain backbone, we saw SuperK's dense approach in AP paying off dividends and delivering store level profitability - we think it's the right way to build modern trade for Bharat.
"We are excited to back the next phase of scale before we eventually tackle most of South India," Karthik Reddy, Co-founder of Blume Ventures, said.