Retail-tech Startup SuperK Raises $5.5M In Pre-Series A Funding
Retail-tech startup SuperK has raised $5.5 million in a pre-Series A funding round led by Binny Bansal-backed 021 Capital.
The funding round also saw participation from investors, including Saikiran Krishnamurthy (Co-founder, xto10x), Ashish Kacholia (public market investor), Nipun Mehra (Founder, Ula), Ankit Nagori (Founder, Curefoods), MarsShot Ventures (Razorpay founders), Blume Founders Fund, and existing investors.
As per the startup, it will use the funds to invest in expansion, build a strong team and brand, and enhance technology and supply chain infrastructure.
SuperK | Empowering local retailers
Founded in 2019 by Neeraj Menta and Anil Thontepu, SuperK is a full-stack solution to empower small format retail stores in India. The retail-tech startup is re-branding existing small format retail stores and providing them with benefits of procurement, tech systems, intelligence and marketing at scale to create a chain of mini supermarkets.
Speaking about the development, Neeraj Menta, Co-founder of SuperK, said,
“The existing organised retail models are built for the metros and can’t scale deep into the semi-urban and rural markets. SuperK is on a mission to create thousands of entrepreneurs by enabling franchise partners to take advantage of the massive market opportunity while keeping the unique needs and challenges of rural retail in mind.”
The retail-tech startup aims to bring modern retail experiences to Tier III and beyond towns and has built an end-to-end integrated system that enables franchise stores to offer best practices, including standardised low pricing, consistent quality, discounts, cashback, and digital billing.
In 2021, the retail-tech startup launched nearly 50 stores across 20 towns in the Kadapa and Anantapur districts of Andhra Pradesh. Additionally, SuperK claimed that the franchisee stores are seeing a 4X growth in sale volume, clocking Rs 1 crore on average in annual sales.
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