MaxWholesale, a mobile-based B2B grocery supply chain, has raised $1 Mn in Pre-Series A round of funding led by Indian Angel Network (IAN) and Maple Capital Advisors.
IAN investors include Ambarish Raghuvanshi, Raman Roy, Sunil Munjal, amongst others. Bikky Khosla of Tradeindia, Pankaj Karna, and Abhinav Grover of Maple Capital Advisors, among others also participated in the round.
Raman Roy, co-founder and Board member of IAN and lead Investor in MaxWholesale said, “There is a tremendous opportunity for a company like MaxWholesale. Currently, there are more than 7 Mn stores in India and the packaged consumer goods market of India is more than $40 Bn. MaxWholesale is leveraging the power of technology with state-of-art logistics management to leverage this opportunity. They have shown phenomenal growth in a short span of one year.”
The startup will use the fresh funds to fuel growth and tech innovation.
The MaxWholesale Origin Story
MaxWholesale was founded in April 2016 by Samarth Agrawal (IIT Delhi alumni and Columbia University) and Rohit Narang. Owned by 99 Algorithms Pvt. Ltd, the startup acts as a medium between retail store owners and large companies. Through this platform, sellers can buy inventory for their stores.
As per an official statement, MaxWholesale has developed a self-operated ecommerce platform to connect FMCG companies directly with small kirana stores.