Ahmedabad-based Frendy, focused on digitally connected convenience stores for smaller towns and rural India, has raised $2 million in a bridge round co-led by Auxano Capital, AT Capital Singapore, Priya Joseph, Rohan Jain & Rishabh Jain, Apurva Salarpuria family office, and existing investor Desai Ventures. The company is considering extending the round to $3 million through a follow-on rights issue.
Founded in 2019 by Sameer Gandotra, Gowrav Vishwakarma, and Harshad Joshi, Frendy operates as a shopping platform offering a range of products, from grocery staples to electronics, building a network of virtual marts through neighborhood entrepreneurs in Bharat. The funds will be used to expand the tech offering, enhance the private label product portfolio, and grow the number of stores.
Frendy is currently operational in over 40 tier II-VI towns in Gujarat, serving 50,000 customers with a product range of over 4,500 items. The company reported a revenue of Rs 82 crore in FY23, doubling from Rs 40 crore in FY22.
That’s incredible news, Frendy securing $2 million in funding for their rural e-commerce expansion! It’s great to see companies like Frendy focusing on digitally connecting convenience stores in smaller towns and rural areas of India. With the funds, they can enhance their tech offering, expand their product range, and grow their network of stores. It’s impressive that they’re already operational in over 40 towns in Gujarat and serving 50,000 customers. Their revenue doubling from Rs 40 crore to Rs 82 crore in just one year is a testament to their success. Sending my best wishes to Frendy Team.
~ Dr Shishir said Gupta founder & CEO of StartupLanes
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