SuperK, a Hyderabad-based tech-enabled franchised grocery retailer for small towns, announced that it had raised $5.5 million in a pre-series A round led by Binny Bansal’s 021 Capital with other investors.
The participating investors include Curefoods founder Ankit Nagori, Razorpay founders MarsShot Ventures, Blume Founders Fund, xto10x co-founder & CEO Saikiran Krishnamurthy, Ula founder & CEO Nipun Mehra, and public market investor Ashish Kacholia (Public market investor) in addition to existing investors.
SuperK plans to use the funds to expand its business, establish a strong team and brand, and improve its technological and supply chain infrastructure, according to the company.
According to SuperK co-founders Neeraj Menta and Anil Thontepu, BITS Pilani batchmates, the startup aims to swiftly scale and reach over 200 stores across more than 120 towns in Andhra Pradesh by the end of next year.
Over the last year, SuperK has co-created close to 50 stores in 20 towns across Andhra Pradesh’s Kadapa and Anantapur districts, serving over one lakh families.
It also stated that it plans to hire in sales and marketing, technology and product development, and analytics and data science.
SuperK is a franchised grocery retail chain founded in 2019 to bring modern retail to small towns in India (tier 3 and beyond). Its data-driven and technology-backed processes enable SuperK to operate on an asset-light, franchised supermarket retail chain structure.