The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands
New Delhi: SuperK, a franchised grocery retail chain for small towns, on Wednesday, said it had raised $6 million (around Rs 49 crore) in a funding round, led by Blume Ventures.
According to a company statement, the Series A funding round also saw participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates.
“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 operating in over 80 Tier 3, 4, and 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.
