Apna Mart raises $12.7M Series C, doubles valuation to $176M
What's the deal? Indian grocery chain Apna Mart is raising US$16.3M (around $12.7 million) in a Series C round co-led by existing backers Accel and FundamentumDealroom has a profile for this one. Try Dealroom →, with Peak XV Partners joining.
Accel and Fundamentum will invest US$7.47M each, while Peak XV adds the remaining US$1.36M, according to regulatory filings.
The round roughly doubles the startup's valuation to about $176 million from $88 million in 2025.
Why now? This is Apna Mart's second raise in just over a year, following a $25 million Series B in March 2025.
The Gurugram-based company says revenue grew 2.5 times to US$67.9M in FY26. The fresh capital will fund capital expenditure, working capital, and general corporate needs.
What could go wrong? Apna Mart reported a net loss of US$10.3M for the year ending March 2025, on operating revenue of US$25.1M.
In May 2026, it laid off 10% of its workforce and moved its headquarters from Bengaluru to Gurugram.
It also faces deep-pocketed rivals Blinkit, Swiggy Instamart, and Zepto.
The signal: Apna Mart, now classified as a late-stage company, is doubling down on a franchise-led model in Tier II and Tier III cities just as established backers Accel and FundamentumDealroom has a profile for this one. Try Dealroom → return for a second consecutive round in a year. The continued conviction from existing investors, alongside new entrant Peak XV Partners, suggests confidence that quick commerce can profitably expand beyond India's metros, even as Apna Mart navigates net losses and competition from heavily funded rivals.
Read more: Entrackr
