MaxWholesale, a business-to-business e-commerce and supply chain platform for mom-and-pop stores, has secured $3 million in its Series A funding round which was led by IAN Fund and AI Falaj Investment Co, report ETTech.
Along with them, existing investors of the company — Maple Capital also participated in this new funding round, along with Abhinav Grover of Maple Capital; Ambarish Raghuvanshi; and Siddharth Bindra.
Commenting on this development, Samarth Agrawal, founder & CEO, MaxWholesale, said: “There was a dire need for technology in this sector and hence, we introduced data science into this field to make restocking more predictable and organized. With this approach, we are aiming to change the way in which the business is done at these stores.”
The New Delhi-based company will now be using the newly raised capital to enhance its technology and accelerate growth. The firm claims to have clocked 20 times revenue growth last year. Prior to this funding round, the company had raised $1 million in pre-Series A round in 2017.
MaxWholesale was founded in July 2016 by Samarth Agrawal and Rohit Narang with an aim to help kirana stores discover price and scheme on various FMCG brands and products and order the same for reselling.
It currently claims to have more than 10,000 kirana stores in Delhi and also manages various warehouses in Delhi NCR with the delivery fleet of 60 vehicles in Delhi, Gurgram, Noida and Ghaziabad.
The company has a great opportunity for growth given that there are more than 500 million internet users in India but more than 97 percent of the nation’s population prefers to buy its groceries offline from their neighbourhood Kirana merchants. It this segment, MaxWholesale competes against the likes of ShopKirana and Jumbotail.