B2B Wholsale Platform ApnaKlub Secures $10 Mn Funding From TrueScale Capital, Others

B2B wholsale platform ApnaKlub has raised $10 Mn in a follow-on Series A funding round from TrueScale Capital, ICMG Partners, Flourish Ventures, Sequoia India’s Surge, Blume Ventures and Whiteboard Capital. 

With this, ApnaKlub has secured a total of $16 Mn in Series A funding round. The startup will use the fresh capital to develop its digital platform for kirana store owners and wholesalers in Tier-2 and 3 cities, in helping them procure goods and services. 

Including the current fundraising amount, ApnaKlub has secured $20 Mn in aggregate to date. 

Founded in 2020 by IIT graduate Shruti and Manish Kumar, the startup enables retailers and kirana store owners to buy goods at wholesale prices even if they are unable to place a minimum number of orders specified by distributors. 

The two founders hold expertise in product, finance, strategy and FMCG distribution. Shruti is an IIT Delhi graduate and an MBA graduate from Harvard Business School. She holds years of experience in the consulting and investment sectors. Meanwhile, Manish has worked with companies including Walmart India, Metro Cash & Carry and Future Group.

“We are thrilled to have the support of such reputable investors as TrueScale Capital and ICMG Partners, as well as the continued strong support of our existing investors. This funding will allow us to continue growing our platform and offering more value to our customers.” said Manish Kumar, COO at ApnaKlub. 

The B2B wholesale startup claims to address the pain points of 40% of India’s $100 Bn consumer market via its business model and unit economics.

It further asserts that it has processed more than 2 Lakh orders, onboarded and worked with more than 33,000 partners.

“We are delighted to help ApnaKlub achieve its expansion objectives. We seek to partner with experienced founders who are demonstrating meaningful revenue and growth in large target markets in a capital-efficient manner. Shruti and Manish exemplify these parameters. We have been very impressed with ApnaKlub’s ability to scale while sustaining best-in-class unit economics.” said Sameer Nath, managing partner at TrueScale Capital.

ApnaKub has recently elevated CPTO Gourav Das and Ashutosh Kumar, head of Growth and new initiatives, to the position of founding team members. 

In India, it competes with the likes of Udaan and Vilcart, among others.

According to an Inc42 report, India’s ecommerce market is anticipated to cross the $400 Bn mark by 2030. On the other hand, a Statista report states that B2B ecommerce market was pegged at $5.6 Bn in 2021. The industry is set to become a $60 Bn space by 2025.