{"id":11216,"date":"2024-03-27T14:40:22","date_gmt":"2024-03-27T14:40:22","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/27\/small-town-focused-retailer-superk-raises-6-million-from-blume-ventures-others\/"},"modified":"2024-03-27T14:40:22","modified_gmt":"2024-03-27T14:40:22","slug":"small-town-focused-retailer-superk-raises-6-million-from-blume-ventures-others","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/27\/small-town-focused-retailer-superk-raises-6-million-from-blume-ventures-others\/","title":{"rendered":"Small town-focused retailer SuperK raises $6 million from Blume Ventures, others"},"content":{"rendered":"
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SuperK<\/a>, which runs retail supermarkets in tier 3 towns and beyond, has raised $6 million (Rs 50 crore) in a funding<\/a> round led by Blume Ventures<\/a>.<\/p>\n

Investors like Silver Needle Ventures, Veltis Capital and Atrium Angels, among others, participated in the round. The firm did not disclose the valuation at which the funding happened. With this round, the firm has raised about Rs 85 crore so far, cofounder Neeraj Menta told ET in an interaction.<\/p>\n

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The funds will be used to strengthen the company\u2019s tech capabilities and physical infrastructure like warehouses, among other things, Menta said without giving details. <\/p>\n

SuperK, which started operating its first store in January 2020, runs about 125 stores in 80 towns across Telangana through a franchise model. The firm focuses on small towns<\/a> that have a population size of between 20,000 and five lakhs.<\/p>\n

\u201cWe saw that every time a quality retailer<\/a>, like an Apollo medicine store, opened up in a small town, it would significantly improve the quality of service and even force local stores to up their game. But you cannot just copy and paste the retail model that is prevalent in metros or tier 1 and 2 towns, you have to build the system ground-up for tier 3 and beyond, and that also gives us a natural moat,\u201d Menta said.<\/p>\n

The company sells a variety of staples and fast-moving consumer goods (FMCG) in its stores, but does not sell fruits and vegetables. Roughly half of its sales are food, while the other half is non-food. In the food category, about half of sales happen through private-label brands, Menta said. <\/p>\n

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SuperK is now working on a consumer facing app, which it will also be using to bring digitally native brands to its customer base. \u201cWe believe the biggest hurdle for digitally native brands selling in tier 3 and beyond is trust, and that is where SuperK\u2019s brand can help\u2026For now, we\u2019re not making home deliveries and figuring out other ways of fulfilment, as the customer does not want to pay a premium for delivery,\u201d Menta said. The firm is at an annualised revenue run rate of Rs 100 crore, and earned Rs 55 crore in revenue with a loss of Rs 21 crore in FY23, Menta told ET. SuperK is now looking to exit FY24 with Rs 80 to 85 crore in revenue, and slightly higher losses compared to last year, Menta added.<\/div>\n

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SuperK, which runs retail supermarkets in tier 3 towns and beyond, has raised $6 million (Rs 50 crore) in a funding round led by Blume Ventures. Investors like Silver Needle Ventures, Veltis Capital and Atrium Angels, among others, participated in the round. The firm did not disclose the valuation at which the funding happened. With […]<\/p>\n","protected":false},"author":2,"featured_media":11217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[16423,16420,2801,2458,506,16419,4602,16421,16418,16417,16422,4117],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/11216"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=11216"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/11216\/revisions"}],"predecessor-version":[{"id":11218,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/11216\/revisions\/11218"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/11217"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=11216"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=11216"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=11216"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}