1K Kirana raises Series B funding of USD 25 Mn for hyperlocal shopping
Category: #retail  By Saipriya Iyer  Date: 2022-05-24
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1K Kirana raises Series B funding of USD 25 Mn for hyperlocal shopping

Indian startup 1K Kirana has reportedly secured a Series B funding of USD 25 million in a bid to help neighborhood stores and brands reach more consumers.

This funding round was initiated by Info Edge Ventures, Kae Capital, and Alpha Wave Global. Angel investors like Amrit Acharya, Chief Executive and Founder of Zetwerk, also participated in the round.

This investment is the first portion of a larger funding round. To date, the startup has raised close to USD 34 million.

Neighborhood stores span thousands of villages, towns, and cities in India. They have thrived and survived despite retail giants investing billions in the country. But they find it challenging to acquire large-volume inventories at good prices.

1K Kirana is trying to solve this issue with a heterogeneous approach. The company functions as a distribution network for these stores and assists them with digital marketing to expand their consumer base.

1K Kirana has also developed an app for customers where they can search, order, and pay for their orders.

Kumar Sangeetesh, Co-Founder of 1K Kirana mentioned that the company has complete control over the supply chain of neighborhood stores. In addition, it does the marketing and ensures the growth of footfall in the shops. These shops act as franchise partners and they do not have to depend on profit margins to earn money.

Customers can get their orders delivered to their homes or pick up from the nearby store. If a consumer orders an item that is unavailable at the store, the startup delivers it to the store.

1K Kirana is striving to assist these stores in substantially increasing the number of products sold which makes it viable for them to scale. Simultaneously, 1K Kirana is giving consumers access to a large portfolio of items, and more choices across categories.

Source credit:

https://techcrunch.com/2022/05/23/1k-kirana-raises-25-million-for-its-hyperlocal-shopping-and-distribution-platform/



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Saipriya Iyer

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Saipriya Iyer

Saipriya Iyer develops content for Market Size Forecasters, Algosonline, and myriad other platforms. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her bel...

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