Home Latest News Retail tech startup SuperK raises $5.5 Million from Binny Bansal backed 021...

Retail tech startup SuperK raises $5.5 Million from Binny Bansal backed 021 Capital

By  
SHARE

SuperK, a tech-enabled grocery retail chain for small towns has raised $5.5Mn in its pre-series A round. The round was led by Binny Bansal backed 021 Capital with participation from other investors. 

The company plans to utilize this investment for expansion, building a strong team and brand, enhancing technology and supply chain infrastructure.

Co-founded in 2019 with an aim to revolutionize the retail sector of small towns, SuperK is bringing modern retail experience through its asset-light, franchised grocery retail chain to India’s tier 3 towns and beyond. Powered by its data-driven and technology-backed systems, SuperK is enabling individual franchise partners to offer superior customer experience and effectively compete with large retail chains.

Neeraj Menta and Anil Thontepu, Co-Founders, SuperK  commented on this and added  “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. We plan to scale rapidly and reach 200+ stores across 120+ towns in Andhra Pradesh by end of next year.” 

Sailesh Tulshan, Founder – 021 Capital said “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 3 towns in the country. SuperK’s unique business model is asset-light and operates with negative/minimal working capital, along with creating life-changing opportunities for individual franchise partners  who are seeing multi-fold growth in their monthly incomes.”

Other investors who participated in the round included Saikiran Krishnamurthy (Co-Founder & CEO, xto10x), Ankit Nagori (Founder, Curefoods), Ashish Kacholia (Public market investor), Nipun Mehra (Founder & CEO, Ula), MarsShot Ventures (Razorpay Founders), Blume Founders Fund and existing investors.

Over the past year, SuperK has co-created close to 50 stores across 20 towns of Kadapa and Anantapur Districts of Andhra Pradesh and serves over one lakh families. The franchisee stores have seen a 4X growth in sale volume, clocking ~ INR 1 Cr on average in annual sales resulting in a 10X jump in their take-homes.

SuperK is currently expanding its team and is looking to hire across Sales & Marketing, Tech & Product, Analytics & Data Science roles.