SIDBI Venture, IIM-A incubator back agri-commerce marketplace SuperZop
SuperZop, a marketplace that connects farms with retail shops, has raised Rs 8 crore ($1.2 million at current exchange rate) in a pre-Series A round of funding from SIDBI Venture Capital, IIM Ahmedabad’s technology incubator, and angel investor Gurumurthy Raman.
Ahmedabad-based SuperZop is an agri-commerce platform for small retail stores to procure dry staples like rice, wheat, and pulses from mills and farmers. According to the company, its e-commerce platform provides its customers with the convenience of ordering in local languages, next-day delivery and service support.
Vipul Patel, vice-president for investments at IIM-Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE), said SuperZop is building a strong channel for staples through technology and is offering credit to small retailers. “The fund will be supporting SuperZop’s team in scaling up its operation in Mumbai and strengthening its technology platform,” Patel said.
SuperZop currently has a network of more than 3,000 retailers in Mumbai.
The platform, owned by Retranz Infolabs Pvt. Ltd, will use the fresh funds for expanding its store network to over 30,000 over the next year and strengthening the marketplace for better service, range and quality of products. The company also wants to develop a robust backend supplier network and a technology-enabled supply chain.
SuperZop was started by Darshan Krishnamurthy (an alumnus of XLRI Jamshedpur), Raghuveer Allada (IIM Ahmedabad) and Prithwi Singh (IIM Ahmedabad) in January 2016. The company says it specialises in ensuring the flow of high-quality staples on its platform through quality assessment technology based on proprietary deep learning algorithms and artificial intelligence.
Deals in the space:
- June 2019: Bengaluru-based agri-marketing platform NinjaCart raised $2.87 million (about Rs 20 crore) from existing investor and venture debt provider Trifecta Capital.
- May 2019: Agri-tech startup DeHaat acqui-hired VezaMart after securing equity and debt funding.
- May 2019: Agri-tech startup FreshVnF raised $2 million (around Rs 14 crore) in a round led by Mumbai-based investment firm Equanimity Ventures.