ShopKirana's valuation crosses $150 mn after raising $38 mn in Series C
By MYBRANDBOOK
ShopKirana, the B2B e-commerce platform has raised $38 million in its Series C round after a gap of almost 30 months from new and existing investors. Oman India, Info Edge and Sixth Sense Ventures are the major investors in this round along with other investors including Trifecta, Incubate Fund, Akatsuki, Ajanta LLP, Gunosy Capital and others.
As per estimate, the valuation of the company is now around $155 million (post-money). The company’s valuation is likely to go up to $165-170 million when it receives the whole amount.
The Indore-based company last raised its $10 million in August 2019.
As per the company’s regulatory filings, it has approved the allotment of 44 equity shares and 42,404 Series C preference shares at an issue price of Rs 47,465.3 each to raise Rs 200.5 crore or nearly $27 million.
Oman India has invested Rs 60.8 crore in this round followed by Info Edge and Sixth Sense Ventures which put Rs 53.47 crore and Rs 53.37 crore respectively. The remaining amount has come from Ajanta LLP, 9Unicorns, NISA Family Trust, IF India, VSS Investco and individuals such as Kunjal L Patel, Rajiv Ranjan Mishra and Lashit Sanghvi.
The seven-year-old e-commerce platform connects retailers and brands directly through a mobile app and helps them in placing orders, maintaining inventory, optimising the delivery routes and making payments. It also provides financial services such as banking and loan facilities, besides procurement.
ShopKirana competes with a slew of companies Jumbotail, Max Wholesale, KiranaKart, Gramfactory and Udaan. Udaan is the largest funded startup in this segment and is currently valued at over $3.1 billion whereas Jumbotail had raised $85 million in its Series C round in December at an undisclosed valuation.
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