ApnaKlub, an India-based business to business (B2B) wholesale platform for fast moving consumer goods, has on Thursday announced that it has raised a total of $16 million.

ApnaKlub said in a statement that it has raised an additional funding of $6 million from TrueScale Capital and ICMG Partners with participation from existing investors Flourish Ventures, Sequoia India’s Surge, Blume Ventures, and Whiteboard Capital.

This is in addition to $10 million from Tiger Global in 2022.

According to the statement, ApnaKlub has raised $20 million of equity capital to date.

The funds will enhance the company’s digital platform for Kirana store owners and wholesalers in tier 2 and tier 3 cities to purchase goods and services.

This is a $100 billion consumption market and ApnaKlub’s approach addresses the pain points of 40 percent of this total addressable market (TAM) with a radically different model and significantly better unit economics.

ApnaKlub is focused on making it easier for small business owners in India to access the products and services they need to run their businesses effectively.

With this follow-on funding, the company will be able to continue expanding its platform, offering more products and services to its customers.

“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,” said ApnaKlub Chief Operating Officer Manish.

“This funding will allow us to continue growing our platform and offering more value to our customers,” he added.

ApnaKlub was founded in 2020 by Shruti and Manish, two entrepreneurs with strong backgrounds in product, finance, strategy, and FMCG distribution.

Shruti, who holds a gold medal from IIT Delhi and an MBA from Harvard Business School, brings expertise from her time in consulting and investing to the company.

Manish has extensive experience in retail and FMCG, having held leadership roles at Walmart India, Metro Cash & Carry, and Future Group.

ApnaKlub has seen tremendous success in its first two years of operation. The company has processed over 2 lakh orders, onboarded, and transacted 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, the Managing Partner at TrueScale Capital.

The company also announced the elevation of Gourav Das, chief product and technology officer (CPTO), and Ashutosh Kumar, Growth and New Initiatives to the position of founding team members.

“We are confident in our extraordinary team’s ability to continue driving growth in the future," said Apnaklub Chief Executive Officer Shruti.

“It has been a successful and exciting year for ApnaKlub, and we are grateful for the support of our employees, partner brands, and customers,” she added.

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