Gujarat-based Social Commerce Startup Frendy Raises Rs 23 Crore Funding
Frendy, a social commerce startup, has raised Rs 23 crore in a funding round led by New York’s Marv Capital and UK-based Centera Fund.
Existing investor Desai Family Office and new investors via LetsVenture Angel Fund participated in the funding round. The funding round also saw participation from prominent angel investors, including Shalabh Mehrish of Vinson Cap Advisors, Jon Piebenga (Partner, Social Venture Partners) and Kunal Shah (founder of Cred).
The startup plans to use the funds primarily for growth, expanding its team and meeting its working capital needs.
Frendy | Community Group Buying Platform
Founded by Sameer Gandotra and Gowrav Vishwakarma in 2019, Frendy is part of India’s fast-growing social commerce industry and operates on an asset-light franchised local distributor model.
Working with a team of 100 professionals, including its in-house technology team, Frendy sells groceries, personal care and home and kitchen essentials on its platform.
Speaking about the development, Sameer Gandotra, Co-founder of Frendy, said,
“Entrepreneurial frugality coupled with local knowledge and relationships have been the hallmarks of successful rural distribution businesses, and Frendy has adopted this to scale quickly and sustainably with a low capital requirement.”
The social commerce startup has a presence in around 25 tier 2-6 towns and over 4,500 products. Recently, the startup forayed into Rajasthan with Madhya Pradesh.
Frendy claims to have achieved a revenue of Rs 43 crore in its very first year of operations with break-even unit economics. As per the startup, it is on track to reach an annualised revenue run rate of Rs 300 crore by the end of the financial year.
In December 2021, Frendy raised Rs 10 crore in funding for growth, team expansion and meeting working capital needs.
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