Retail tech grocery chain Frendy raised Rs 2 Cr debt from UC Inclusive Credit
In a debt round headed by UC Inclusive Credit, retail tech small format grocery chain Frendy has raised Rs 2 crore, or roughly $239K. Together, the startup has raised Rs 42 crore, including the debt, to date.
Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore) are among the current investors in Frendy.
The money raised will go toward paying for the central inventory required to supply its network of Frendy Marts and Micro Kiranas in Gujarat’s Tier III towns.
The company projects revenue of Rs 82 Cr for FY23, and as the brand spreads geographically, it hopes to double sales in the upcoming year.
Established in 2019 by Sameer Gandotra, Frendy aims to construct a modern network of neighborhood grocery mini marts for customers in India’s small towns and villages.
Currently, Frendy, based in Ahmedabad, runs 2,000 micro kiranas and 25 marts throughout rural Gujarat. In the upcoming 12 months, it hopes to grow to 100 marts and 3,000 micro kiranas.
Additionally, a group of micro-kiranas (mom-and-pop shops) and their end users are digitally connected to Frendy’s marts, enabling Frendy to create a last-mile digital commerce bridge to reach more rural consumers.
