Kirana king raised Rs 7 crore in funding
Pre-series A funding of Rs 7 crore from the Rajasthan Venture Capital Fund was raised by Pink City-based grocery shop aggregator Kirana King to fund its expansion plans to reach 1,000 stores by the end of 2021.
Kirana King, which began its retail aggregation activities in 2017, currently has a network of more than 200 stores in Jaipur and wants to expand in major state cities and towns.
To increase store count, invest in technology and manpower, we need funds. In addition to this Rs 7 crore pre-series funding, we are also looking at closing another funding round by the end of March to finance our ambitious expansion plans for the network,” said Anup Kumar, founder, and CEO of Kirana King.
Kirana King invests before getting them on board in enhancing the facilities and look and feel of the shops. With a greater number of stores under its network, it enjoys an economy of scale and bargaining power at reasonable prices to procure goods for them.
The company was founded by ANUP KUMAR, BALWANT SINGH RANA, DEEPAK DUSAD, MADAN KUMAR GANDAM on October 1, 2018. It deals with food and retail. Kirana King stands high in the grocery retail industry with a distinctive brand that revolutionizes mom & pop retailing in India, providing customers with delightful experiences and convenience.
By investing some cash in their infrastructure, we turn the existing Kirana stores into new, modern stores and then take care of their supply-side by providing timely access to goods at reasonable rates. Thirdly, these stores are also used by various marketing campaigns as a forum to create demand for new products,” stated Kumar.
In 2019-20, the aggregator had a revenue of Rs 15 crore. But Kumar said their sales would hit between Rs 50-60 crore in the current year.
By the end of 2021, our aim is to hit 1,000 stores in different cities throughout the state. We can then join other states after that. In order to be a strong grocery retail aggregator in India by 2025, the business is well on track. During the current financial year, Kirana King is looking to have four times the revenue growth compared to Rs 15 crore we did in the previous year,” Kumar added.