Bengaluru-based AnKa SumMor Foods, which offers a technology enabled sales and distribution platform for the FMCG sector, said it has raised $400,000 (Rs 3 crore) in a fresh round of funding dubbed pre-Series A.
The investment, led by Inflection Point Ventures, will be used towards scaling the business in existing markets -- Hyderabad and Chennai -- with improved infrastructure, coverage, and branding, the startup said in a statement.
AnKa SumMor also plans to use the capital to expand operations to Bengaluru and build the company’s tech stack.
Founded in 2017 by Ashok George and Rajiv Joshi, the startup’s plug and play platform acts as a one stop solution for challenger and emerging FMCG brands’ sales and distribution requirements.
It serves all retails of FMCG distribution under one roof and acts as the SPOC (single point of contact) to serve all retail channels with transparent and real-time structured data leading to market insights and up to 50% cost reduction for the brands. It also helps brands achieve revenue growth, service consistency, and transparency for customers.
The company covers over 2600 stores at present for 10 brands, including Paper Boat, Wai Wai, and Bombay Shaving Company.
Lime co-founder Brad Bao backs real estate startup Blox
Brad Bao, the co-founder of electric scooter startup Lime and managing partner at Kinzon Capital, has invested an undisclosed sum in digital-first real estate marketplace startup Blox, a statement said on Friday.
The funding comes as the second early-stage investment for the startup, following a $2 million seed round by Tinder founder Justin Mateen. The amount infused by Bao will be revealed publicly post estimating the latest valuation of the firm, the statement added.
“Our latest round of funding by Brad Bao is a testament to people's faith in our vision and the direction we are moving in,” Aditya Jhaveri, the co-founder and CEO of Blox, which operates under Method and Madness Technology, said.
“It also shows that global investors recognize the massive market opportunity present in the Indian real estate sector and are positive about the long-term viability and scalability of our tech-enabled platform,” he added.
Incorporated in October 2020, the startup allows buyers to browse and compare verified inventory, directly listed by developers. Then, after shortlisting a property, customers can visit the place, finalize, and complete other mandatory processes digitally, including paperwork, stamp duty payments, loan assistance, and registration.