Business to business e-commerce platform for local Kirana stores, MaxWholesale recently announced that it has raised $3mn in Series A funding round. The funding round was led by venture capital fund IAN Fund-I and AI Falaj Investment Company, an Abu Dhabi based private family office.
The funding round also saw participation from existing investor Maple Capital along with Info Edge’s former CFO Ambarish Raghuvanshi, Maple Capital’s Abhinav Grover, and Biba Group’s Siddharth Bindra, and others.
It is understood that the company plans to utilize these funds for recruiting new talent and developing its technology. The company is eyeing on growth acceleration and expansion to new Kirana stores in the coming months.
Talking about the recent funding round, Samarth Agrawal, CEO, and Founder of MaxWholesale said, “We are thrilled to partner with IAN, AL Falaj, and Maple Capital as we further scale our operations. We felt that 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.”
He further added that the startup will soon be opening up its ecosystem to NBFC lenders, which will provide credit and working capital loans to the Kirana stores, on the platform.
“We felt that 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,” said Agrawal.
Commenting on the market opportunity in Kirana stores, IAN’s Raman Roy said, “Kirana stores in India form the backbone of Indian retail by market share. The time is apt for the Kirana industry to have the same technology-led advantages as major retail chains,”
MaxWholesale was by Rohit Narang, Samarth Agrawal in July 2016. The company is headquartered in Gurgaon. The company helps Kirana stores to source inventory online and discover prices and schemes on various FMCG brands and products for ordering and reselling.
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