B2B wholesale platform for fast-moving consumer goods (FMCG) ApnaKlub has raised $3.5 million (about Rs 26 crore) in a seed round led by Sequoia Capital India’s Surge.
The investment takes the total amount raised by the Bengaluru-headquartered startup to $5 million. It said it will use the capital to expand presence in rural India as well as to launch new services and products for partners.
Founded in 2020 by Shruti and Manish Kumar, ApnaKlub provides kirana and general stores with consistent supply and assortment of SKUs, without high prices and order quantity restrictions. It connects retailers to consumer goods and brands via a network of digitally-connected wholesale partners.
These partners collect demand from their surrounding kirana stores, aggregate them, and place an order on the app. Then, Apnaklub delivers the goods to the partner, who later distribute to the stores.
The platform has already onboarded over 5000 trained partners and is working to expand the number moving ahead. It also plans to launch services such as providing pricing and market intelligence data to small and large brands alike.
JPMorgan acquires Pune-based Tavisca
Investment banking giant JPMorgan has acquired Pune-based technology startup Tavisca, the Economic Times reported on Monday.
The financial details of the deal were not disclosed.
Pawan Panwani, the head of technology at the bank, said that the deal will help them leverage Tavisca’s platform for global customers and expand beyond traditional financial services.
Currently, Tavisca offers technology solutions that help large conglomerates implement programs rewarding customer loyalty through a bouquet of offerings (travel, merchandise, membership, and other benefits) as well as bring small and large travel agencies online.
“We believe the post pandemic, travel and tourism landscape will present a huge opportunity with travelers looking for more flexibility, more choice and loyalty,” Panwani told ET.
"Acquiring the Tavisca platform is a step towards tapping into the travel business market," he added.
The company, founded in 2008, employs more than 700 people with offices in India and the US.