MaxWholesale, a mobile based B2B grocery supply chain platform, has raised close to USD 1 million (Rs 6 crore), led by Indian Angel Network (IAN) and Maple Capital Advisors.
These investors include names like Ambarish Raghuvanshi, Raman Roy, Sunil Munjal, Bikky Khosla, Pankaj Karna and Abhinav Grover among others, a statement said today.
Last year in July, the firm raised Rs 1 crore (around $150,000) in a seed round from Maple Capital Advisers.
MaxWholesale is powering the online wholesale process for more than 90 FMCG companies, some of them being Cadbury, Dabur, Patanjali, Capital Foods, P&G and HUL.
“There are more than 7 million stores in India and the packaged consumer goods market in the country is worth more than $40 billion. MaxWholesale is leveraging the power of technology to explore this opportunity,” said Raman Roy, co-founder and board member of IAN.
The firm is currently working with more than 1000 retailers in Delhi. With the latest funding round, the company plans to scale up operations and cater to more than 10,000 retailers.
“FMCG retail in India is highly fragmented with 92% of the segment being run by family-owned mom-and-pop stores. Currently, wholesale accounts for 50% of the packaged good supply to kirana stores as distributors struggle to service the fragmented market,” said Agrawal as per the source.
The company will use the pre-series A funding to fuel growth and tech innovation, it added.Like this press release? Submit yours here.