VilCart, a startup in rural commerce, has raised $13 million in a Series A funding round led by Asia Impact, with investments from Texterity Private Limited and Nabventures Fund.
To raise Rs 106.6 crore, or roughly $13 million, VilCart has passed a special resolution to issue 68,761 Series A and 405 Series A1 Compulsory Convertible Preference Shares (CCPS) at Rs 15,411.6 per share.
According to the company’s regulatory filing with the Registrar of Companies (RoC), the funds would be used for operations and business development.
The National Bank for Agriculture and Rural Development (NABARD), which established the Nabventures Fund, invested Rs 14 crore after Asia Impact, which had invested Rs 91.96 crore, had taken the lead in the funding round. Texterity Private Limited invested Rs 62 lakhs.
Following the funding round, Asia Impact now holds 31.28% of VilCart’s shares, while NabVentures owns a 12.36% stake. Texterity Private Limited and Test Yantra Software Solutions command 0.17% and 3.18% stakes, respectively.
VilCart, a company founded in 2018 by Prasanna Kumar, Mahesh Bhat, Rajasekhar, and Amith S. Mali, makes it simple for village kirana stores to acquire inventory and handle logistics and supply chains.
It commenced business in one Karnataka district and has since quickly expanded to several other districts, including Mandya, Kolar, and rural Bengaluru. With 45,000 kirana stores in its network, it currently provides services to nearly 5,000 villages across Karnataka.