Apna Mart Secures INR 176.3 Crore in Equity Funding to Bolster Quick Commerce Expansion
Gurugram-based quick-commerce startup Apna Mart has raised INR 176.3 crore in equity funding as part of a larger transaction that also includes debt components, regulatory filings accessed by Entrackr revealed. The round was led by Fundamentum Partnership, with participation from Accel India VII (Mauritius) Limited, Peak XV Partners and others, as the company gears up to compete in India’s rapidly growing instant delivery market.
Funding Breakdown and Investors
Fundamentum Partnership, co-founded by Nandan Nilekani and Sanjeev Aggarwal, spearheaded the investment with an infusion of INR 84 crore. Accel India VII followed with INR 61 crore, while Peak XV Partners (formerly Sequoia India) contributed INR 17.4 crore. Sparrow Capital, Disruptors Capital and Alteria Capital pooled in the remaining equity. The debt portion of the transaction, though undisclosed in value, supplements the total capital raised.
Use of Proceeds
According to filings with the Registrar of Companies (RoC), Apna Mart plans to allocate the fresh capital toward “general corporate requirements,” likely to fuel expansion, technology upgrades, and operational scaling in Tier II and III cities.
Company Background and Market Positioning
Founded in 2022 by Abhishek Singh and Chetan Garg, Apna Mart promises grocery deliveries within 15 minutes, leveraging a network of franchise-owned micro-warehouses. The startup operates in smaller Indian cities, offering a range of products from daily essentials and personal care items to electric appliances and stationery.
The company enters a competitive arena dominated by deep-pocketed players like Zomato’s Blinkit, Swiggy Instamart and the soon-to-list Zepto. However, Apna Mart’s asset-light franchise model distinguishes it from rivals, potentially lowering overhead costs while enabling rapid localization in underserved markets.
Industry Context
India’s quick-commerce sector is projected to grow to $5 billion by 2025, driven by urban demand for hyper-convenience. Yet, profitability challenges persist due to high logistics costs and thin margins. Apna Mart’s focus on smaller cities—where competition is relatively sparse compared to metros—could provide a strategic edge.
The funding signals investor confidence in alternative models to penetrate India’s next-wave consumers. With this capital injection, Apna Mart aims to strengthen its foothold in Tier II and III regions, even as incumbents double down on urban centers.