Apna Mart (Fleet Labs Technologies Private Limited) has raised ₹214.5 crore ($25 million) from a Series B CCPS fundraise led by Fundamentum Partnership Fund, Peak XV Partners Seed Investment II and Accel, along with the participation of existing investors
VERTICES PARTNERS represented its Apna Mart on this fundraise.
The transaction team was led by Amit Manubarwala (Senior Partner), and consisted of Vishal Mehta (Partner), Anushree Pathak (Senior Associate), Nisha Dharod (Associate Manager) and Associates Vidhi Shah and Srishti Singh.
Founder and Managing Partner Vinayak Burman provided strategic inputs.
SAMVĀD: Partners represented lead investor Fundamentum Partnership with a team lead by Junaira Rahman (Partner), and consisting of Gauri Khanna (Partner), Aditi Sachdev (Principal Associate) and Pragya Singh (Associate).
The Firm also represented Peak XV Partners with a team lead by Neela Badami (Partner), and consisting of Roshni Menon (Senior Associate) and Mahimna Kandpal (Associate).
Bombay Law Chambers represented Alteria Capital Fund III – Scheme A and Alteria Capital Fund III – Shorter Duration Scheme on this transaction.
Both VERTICES and SAMVĀD were involved in Apna Mart’s Series A fundraise.
The funding comprises ₹176.5 crore ($20.5 million) through the issuance of 6,342 Series B compulsory convertible preference shares at ₹2,78,402 per share, and ₹38 crore ($4.5 million) via 3,800 debentures..
Fundamentum Partnership Fund contributed ₹84 crore, Accel India invested ₹60.88 crore, Peak XV Partners provided ₹17.4 crore, and Sparrow Capital added ₹4 crore. The remaining funds were sourced from 2 AM Ventures, Disruptors Capital, and Alteria Capital
This investment values Apna Mart at approximately ₹738 crore ($87 million), reflecting an 81% increase from its previous valuation. Founded by Abhishek Singh and Chetan Garg, Apna Mart offers 15-minute grocery and FMCG deliveries alongside its brick-and-mortar stores, operating in 14 cities including Ranchi, Hazaribagh, and Bilaspur.
Apna Mart is a company focused on bringing products to tier-2 and tier-3 cities. They aim to build brands and launch products through a multi-medium approach, emphasizing efficiency and ambition. Their business model combines traditional retail values with innovative delivery methods to improve the quality of life in smaller towns and cities.