ApnaKlub, a wholesale e-commerce marketplace based in Bengaluru, received $10 million in Series A funding from Tiger Global. The money will be used to construct credit products, expand the platform from 5,000 to 20,000 partners, and enhance infrastructure in important states, according to the business.
In August 2021, the firm received $4 million in fundraising from Sequoia India’s Surge, Blume Ventures, Whiteboard Capital, and Flourish Ventures.
ApnaKlub, founded by Manish Kumar and Shruti in 2020, allows shops and Kirana stores to buy goods at wholesale prices even if they can’t meet distributors’ minimum order requirements.
ApnaKlub lets anyone with a smartphone and a desire to be self-employed supplement their income by aggregating demand and delivering FMCG goods to local retail stores. According to the company, the B2B startup handles order gathering, transportation, and inventory management and operates on a zero-capital model.
“Indian CPG retail is worth $100 billion, and Kirana stores control the vast bulk of present distribution routes.” “ApnaKlub gives retailers and brands the digital supply chain and credit capabilities they need to win in both online and offline channels,” said Tiger Global partner John Curtius.
ApnaKlub’s purpose
A user can use ApnaKlub to digitize his wholesale business as a rural wholesaler or extend his shopkeeping operation. It also allows regional firms to list their items and earn more by accessing a larger client base across India, according to Manish Kumar, ApnaKlub’s co-founder, and COO.
Wholesalers who use the platform enhance revenues and sales volumes by capturing a larger share of their customers’ wallets and gaining access to over 1,000 SKUs. New wholesalers receive training, market insider information, and a no-money-down model. ApnaKlub competes with firms such as GenieMode, Trell, GoKwik, Shopflo, and Frendy in the social commerce space.
GoKwik raised $35 million in a Series B investment headed by Think Investments and RTP Global just a day ago. It has been focusing on providing ease and a consistent experience to eCommerce retailers and customers.
Shopflo received $2.6 million in seed funding from Tiger Global and TQ Ventures on May 11. The round included participation from Better Capital and other angel investors. GenieMode, based in Gurugram, raised $27.5 million in a Series B fundraising round led by Tiger Global last month.
Indian eCommerce market
In the previous decade, the social commerce segment has moved the power balance from huge businesses and brands to content creators and direct-to-consumer firms.
The Indian eCommerce market is predicted to develop at a steady rate to around $400 billion by 2030, with a CAGR of 18.9%. Meanwhile, the social commerce sector is expected to increase to $70 billion by 2030.
The reasons can be linked to a variety of variables, including the digital revolution. India has a lot going for it in terms of facilitating the new age of consumer behavior, with over 834 million internet customers, 931 million smartphone users, and a 61 percent internet penetration rate.