Building a digitally connected network of convenience stores for smaller towns and rural India, Frendy has raised $2 million in a bridge round led by its current investor Desai Ventures, along with Auxano Capital, AT Capital Singapore, Priya Joseph, Rohan Jain & Rishabh Jain, Apurva Salarpuria family office, and others.
Through a follow-on rights issue, the company may raise up to Rs 24 crore ($3 million) in additional funding. The Ahmedabad-based business previously raised $3 million in May 2022 during a Series A round that was co-led by Lets Venture, MARV Capital, and Centera Fund.
According to a press release from Frendy, the company intends to use the additional funding to grow its store network, tech offering, and portfolio of private-label products.
In 2019, Sameer Gandotra, Gowrav Vishwakarma, and Harshad Joshi co-founded Frendy, an online marketplace offering groceries, drinks, fruits, vegetables, cleaning supplies, personal care, cosmetics, kitchenware, and electronics. They are using neighborhood home entrepreneurs to build a network of virtual marts for the people of Bharat.
Offering between one thousand and two thousand products, Frendy says it offers the best prices for all daily needs.
At present, Frendy operates in over 40 tier II-VI towns in Gujarat, catering to 50,000 clients and offering more than 4,500 products. Additionally, it states that its revenue increased from Rs 40 crore in FY22 to Rs 82 crore in FY23.
