SuperK, a tech-enabled grocery retail chain for small towns stated that it has raised Rs 6 crore in seed funding led by Strive VC with participation from other investors including Firstcheque, serial entrepreneur Srinivas Anumolu, Sampad Swain (CEO at Instamojo), Lalit Keshre (CEO at Groww), Rajan Bajaj (CEO at Slice), Ramakant Sharma & Syndicate, Anand Chandrasekaran (ex-Snapdeal CPO/Facebook Director), and many more leaders from the startup ecosystem.
The official statement revealed that the startup intends to use this investment for scaling its infrastructure, upgrading technology, and recruiting talent.
Commenting on the development, Neeraj Menta, Co-founder at SuperK, said, “Our mission is to bring modern retail experiences to the smallest of towns in India by empowering entrepreneurs from these towns to easily own and operate supermarkets. Most other startups that are helping retailers are only providing tools to these stores while we are driving outcomes for the stores by using the technology ourselves.”
“We have spent the last 1.5 years validating and tweaking our business model and with a strong operating playbook in place, we are now investing in logistics infrastructure and tech products to further improve and scale our network of stores,” he added.
Bengaluru and Kadapa (AP) based SuperK is a tech-enabled grocery retail aggregator allowing local entrepreneurs to set up and run mini supermarkets and offer a modern retail experience to customers of Tier III, IV, V towns of India. The startup was founded in December 2019 by batchmates at BITS Pilani, Neeraj Menta and Anil Thontepu, with a vision to empower small format retail stores across India.
Talking about the impact seen by the stores, SuperK Co-founder Anil Thontepu said, “We have shown 3-4X growth in sale volume in our early stores and this resulted in a huge improvement in take-home incomes of retailers who took up our franchise. We have added 20+ stores to our network and have served 40,000+ families in the past year with a positive contribution margin and are on track to reach 70+ stores with an annual GMV of $10 million by the end of 2021.”
SuperK’s system easily connects warehouses, stores, and vendors through mobile apps and is also currently in the process of launching a mobile app for customers to place orders, render financial services for customers via stores and in-store tech for engagement and marketing, the company said.
Speaking about the development, Lead Investor Nikhil Kapur, Partner at Strive, said, “While existing organized retailers are competing with individual retailers, SuperK is enabling local entrepreneurs to effectively compete with large chains. Their unique business model allows them to be asset-light and operate with negative working capital. This allows SuperK to scale much faster than any other retail chain. A scalable business model along with a strong tech background of the founders will make SuperK the largest retail chain of India in the next 10 years.”
Through its platform, SuperK is enabling several small retailers to compete with their giant competitors. The company is not only scaling its operations but is also generating jobs for many people.Shishir Gupta, Founder and CEO, StartupLanes
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