Sequoia and Accel may jointly lead investments in the chain of ApnaMarts.
Neighbourhood supermart chain ApnaMart, run by Fleet Labs Technologies Pvt. Ltd, is looking to raise $17-20 million in a Series A funding round, three people aware of the development said.
The fundraise is expected to be co-led by venture capital firms Accel India and Sequoia Capital India. The Bengaluru-based startup plans to use the capital to scale operations in newer cities, one of the persons said, requesting anonymity.
The company has stores across tier II cities such as Raipur, Hazaribagh, Jamshedpur, Dhanbad, and Ranchi.
Spokespersons for Accel India and Sequoia Capital India didn’t respond to email queries.
Currently, the founders of ApnaMart own up to 70% of the startup, while Sequoia, which came as an early investor, owns a 15% stake. Sequoia invested ₹1.5 crore as part of the company’s seed funding round in 2022 through its SCI Seed Investment vehicle. Sequoia is the largest shareholder after the promoters, regulatory filings accessed by VCCircle showed.
Other minority investors include Disruptor Capital, Sparrow Capital, and angel investors such as Kunal Bahl, data from Tracxn showed.
Founded in 2021 by Abhishek Singh and Chetan Kumar Garg, ApnaMart is building scalable, asset-light chains of neighbourhood supermarts. The firm focuses on competitive pricing, varied assortment, and consumer experience combining it with the personal connection of a neighbourhood kirana.
Singh had previous stints in companies such as Lenskart. Singh is an alumnus of IIT Kanpur. Garg, also an alumnus of IIT Kanpur, serves as chief operating officer. He has previously worked at Housing.com, Longwalks and Times Internet, as per their respective LinkedIn profiles.