Apna Mart to Raise ₹120 Crore in Series C Led by Accel, Fundamentum, with Peak XV Joining

Franchise-driven omnichannel grocery and FMCG chain Apna Mart is set to raise ₹120 crore (around $12.7 million) in a Series C funding round co-led by existing investors Accel India and Fundamentum, with participation from Peak XV Partners, Entrackr has learned exclusively.

This marks the company's second funding round in just over a year. The Gurugram-based startup had previously raised around $25 million in its Series B round led by Fundamentum and Accel in March last year.

Round Structure

According to regulatory filings accessed by Entrackr, the company's board has passed a special resolution to issue 2,367 Series C compulsorily convertible preference shares (CCPS) at an issue price of ₹5,06,757 apiece, raising ₹120 crore in fresh capital. Existing backers Accel India and Fundamentum will invest ₹55 crore each, while Peak XV Partners will infuse the remaining ₹10 crore.

As per Entrackr's estimates, Apna Mart's valuation will jump 2X to ₹1,470 crore from ₹738 crore in its previous funding round. The proceeds will be used towards capital expenditure, working capital requirements, and general corporate purposes.

The Business

Founded by Abhishek Singh and Chetan Garg, Apna Mart operates a franchise-led omnichannel quick commerce platform focused on Tier II and Tier III cities. The startup delivers groceries in around 10 minutes through a neighbourhood store-led model, competing directly with Blinkit, Swiggy Instamart, and Zepto - but differentiating itself by targeting smaller cities where the dominant quick commerce players have limited presence.

Following the fresh allotment, Accel India will remain the largest external shareholder with a 22.83% stake in Apna Mart, followed by The Fundamentum Partnership with 14.14%, while Peak XV Partners will hold 12.60%.

Financials and Recent Moves

For the fiscal year ended March 2025, Apna Mart reported operating revenue of ₹185 crore and a net loss of ₹76 crore. The company has claimed its revenue grew 2.5X to ₹500 crore in FY26, without disclosing its bottom line for the year.

The fresh funding comes on the heels of some cost-cutting measures at the company. Last month, Apna Mart laid off 10% of its workforce and shifted its headquarters from Bengaluru to Gurugram - moves that suggest the company is tightening operations even as it raises new capital and doubles its valuation.