According to reports, franchisee-led grocery delivery startup Apna Mart has raised $25 million (about Rs 214 crore) in a mix of equity and debt funding from Nandan Nilekani’s Fundamentum and Silicon Valley-based venture capital firm Accel.

Other current investors who filed with the Registrar of Companies, such as Sparrow Capital and Peak XV Partners, also took part in the round.

According to the application, the startup, which works in tier-II and tier-III cities, will utilize the funds to fund its general business operations.

Accel will invest Rs 61 crore, followed by Sparrow Capital (Rs 4 crore), Peak XV Partners (Rs 17 crore), and Fundamentum (Rs 84 crore).

With a 21 percent investment, Accel will be the biggest stakeholder after this round, followed by Fundamentum and Peak XV Partners.

According to deal tracker Tracxn, the Bengaluru-based startup has raised more than $40 million in funding so far.

Abhishek Singh and Chetan Garg founded the business, which provides groceries delivery in 15 minutes. It faces competition from companies like BigBasket, Swiggy Instamart, Zepto, and Blinkit, which is owned by Zomato.

Operating revenue increased from Rs 32 crore in the previous fiscal year to Rs 59 crore in 2023–2024. Nevertheless, throughout this time, its losses increased by 50 percent to Rs 33 crore from Rs 22 crore.

The fundraising round coincides with the emergence of a number of quick delivery firms that have raised money in verticals like food, fashion, and grocery. In order to take advantage of the growing demand for lightning-fast delivery, numerous platforms have likewise sped up their dispatch schedules.

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Earlier, Bengaluru-based 10-minute food-delivery startup Swish raised $14 million (about Rs 122 crore) in a funding round led by the UK-based fund Hara Global and existing investor Accel.