SuperK, a tech-enabled grocery retail chain for small towns, raised $5.5 million in a pre-Series A round led by Binny Bansal-backed 021 Capital.
The round saw the participation of investors including xto10x, Curefoods, Ula, Razorpay, Blume Founders Fund, and existing investors also participated in funding round.
The startup will use the funds in the following ways:
At present, SuperK is planning to expand its team and is looking forward to hiring a team for sales and marketing, tech and product, analytics, and data science roles.
Neeraj Menta and Anil Thontepu founded SuperK in 2019. The SuperK’s objective is to bring modern retail experiences to Tier III and beyond towns.
The retail-tech startup and its franchise stores provide offers, including
SuperK manages things like promotions, procurement, marketing, and merchandising for all stores through its technology systems and a standard operating plan (SOP).
In the previous year, SuperK launched around 50 stores in over 20 towns in the districts of Andhra Pradesh. The startup claimed the rise in franchisee stores of about 4X growth in sale volume, Rs 1 crore on average in annual sales.
Neeraj Menta, Co-founder of SuperK, said, “The existing organized retail models are built for the metros and can’t scale deep into the semi-urban and rural markets. SuperK is on a mission to create thousands of entrepreneurs by enabling franchise partners to take advantage of the massive market opportunity while keeping the unique needs and challenges of rural retail in mind.”
“India’s non-metropolitan customers’ aspirations and consumption powered by steady growth in their incomes have been driving demand over the last few years. This is accelerating the grocery category towards organized retail in these Tier III towns in the country,” said Sailesh Tulshan, Founder, 021 Capital.