Apna Mart, the omnichannel grocery and FMCG chain, has raised USD 25 million (~INR 214.5 crore) in a new funding round led by Fundamentum Partnership Fund and Accel with participation from existing investors.
The funding was a combination of equity and debt and was done through issuance of 6,342 Series B compulsorily convertible preference shares at an issue price of INR 2,78,402 each aggregating to INR 176.5 crore (~USD 20.5 million). Apna Mart also raised INR 38 crore (~USD 4.5 million) through debentures, regulatory filings sourced from RoC reveal.
Fundamentum, co-founded by Nandan Nilekani, led the round with INR 84 crore. Accel India followed with INR 60.88 crore and Peak XV Partners and Sparrow Capital with INR 17.4 crore and INR 4 crore respectively. 2 AM Ventures, Disruptors Capital and Alteria also participated in the round.
According to some reports, the latest round values Apna Mart at around INR 738 crore (~USD 87 million) post money, up 81% from its previous valuation.
Founded by Abhishek Singh and Chetan Garg, Apna Mart has built a franchise led, omnichannel grocery business. The company promises ultra fast delivery in 15 minutes and has a physical presence in 14 cities including Ranchi, Hazaribagh and Bilaspur. The franchise model has allowed Apna Mart to maintain operational discipline while scaling up. Accel India is the largest external shareholder with 20.91% stake, followed by Peak XV at 13.06% and Fundamentum at 11.39%. Titan Capital is one of the early backers of the company.
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Financially Apna Mart has seen robust 85.6% year on year growth and has done INR 59.6 crore in revenue for the year ending March 2024. As is typical with scaling startups in this category, losses have increased by 51.4% to INR 33 crore.
What’s interesting here is Apna Mart’s approach to scaling in a hyper competitive market where quick commerce biggies like Blinkit, Swiggy Instamart and Zepto are burning capital to gain hyperlocal dominance. While they are burning cash, Apna Mart’s hybrid brick and click model with franchisees may be a more sustainable approach in the long run.
With Fundamentum and Accel increasing their bets, Apna Mart seems to be well placed to become a serious player in India’s grocery retail landscape. Investors and industry watchers should watch how Apna Mart balances scale with profitability—a crucial aspect in the current funding climate where unit economics matter more than ever.
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Bottom Line
Apna Mart’s USD 25 million raise and 81% valuation jump shows growing investor confidence in sustainable omnichannel grocery models. While the numbers show growing pains, its franchise-first strategy and strong backer profile make it a serious player to watch in the long-term evolution of India’s grocery and FMCG market.