VilCart Secures $18 Mn Funding To Tap Into Rural Consumers’ Needs

Update| January 13, 4:10 PM

In a statement issued on January 13, VilCart said it has raised $18 Mn (INR 144 Cr) in a Series A funding round. The startup will use the fresh capital to expand its operations across India.

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Rural commerce startup VilCart has raised INR 106.6 Cr ($13 Mn) in a Series A round led by Asia Impact. The round also saw participation from NABARD-backed equity fund Nabventures and Texterity.

According to regulatory documents filed with the Registrar of Companies (RoC), the startup said that it will use the funds to scale operations across the country.

This came right after the board of the company passed a special resolution to issue 68,761 Series A and 405 Series A1 compulsory convertible preference shares (CCPS) at an issue price of INR 15,411.6 per share. 

Perusal of the documents revealed that Asia Impact invested INR 91.96 Cr in the round, followed by Nabventures, which pumped in INR 14 Cr. Texterity infused INR 62 Lakh in the startup.

Following the deal, Asia Impact now holds a 31.28% stake in the startup, while NabVentures owns 12.36% in the company. Test Yantra Solutions owns a 3.18% stake in the company and Texterity holds 0.17%.

The startup currently operates across South India – Karnataka, Telangana, Tamil Nadu, Kerala and Andhra Pradesh – and competes with players such as 1Bridge, FAARMS, Rozana, ElasticRun, among others.

The startup’s net loss stood at INR 11.13 Cr in the financial year 2021-22 (FY22), up nearly 2.3X compared to INR 4.81 Cr in FY21. Further, it reported a revenue of INR 209.7 during the period under review. 

The development was first reported by Entrackr

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Editor’s note: The funding amount has been updated in the headline as per the company’s statement.