Info Edge, others invest in B2B e-commerce platform ShopKiranaVCCircle #B2B_CommerceDecember 6, 2018
Indore-based Shop Kirana E Trading Pvt.
Ltd, which runs business-to-business platform ShopKirana, has raised $2 million (Rs 14 crore at current exchange rates) from Info Edge, the parent company of job portal Naukri, a company statement said.
The startup will use the capital to expand operations to 10 more cities in the coming year, targeting one lakh retailers, the statement said.
Separately, in a stock-exchange filing, Mumbai-listed Info Edge said it will invest Rs 13.40 crore in ShopKirana in a mix of primary infusion and secondary purchase.
The investor will own 15.5% stake in the startup on a fully converted and diluted basis after completing the fundraising exercise.
Founded in February 2015 by Sumit Ghorawat, Tanutejas Saraswat and Deepak Dhanotiya, ShopKirana is an app-based platform which integrates the demands of retailers and passes them on to brands, thereby ensuring competitive prices and a single sourcing channel for retailers.
In turn, brands get to directly connect with retailers for promotions or product launches.
The supply chain innovation startup provides value-added services like logistics, banking, loans, information technology and ordering systems to the retailers.
They are addressing a large problem and we look forward to working with them closely,” said Kitty Agarwal, head of corporate development at Info Edge.
The AET Fund is a $50-million investment vehicle launched in 2017 by Los Angeles and Tokyo-based entertainment company Akatsuki Inc.