Apna Mart raises ₹120 crore Series C at ~₹1,470 crore valuation

Accel India and Fundamentum co-led the round for Apna Mart, the Tier II/III-focused omnichannel grocery platform. The capital is earmarked for working capital and expansion across India.

— FiledThu, 30 Jul, 2026, 13:05 IST·First seen Thu, 30 Jul, 2026, 13:04 IST·Source Entrackr

What happened

Apna Mart raised Rs 120 crore in a Series C co-led by Accel India and Fundamentum, valuing the Tier II/III-focused omnichannel grocery platform at about Rs

Key facts

  • Rs 120 crore ($12.7 million) raised
  • Valuation of around Rs 1,470 crore
  • Previous valuation of Rs 738 crore
  • Around $25 million Series B raised over a year earlier
  • FY26 operating revenue of Rs 500 crore, up 2.5X
  • FY25 operating revenue of Rs 185 crore
  • FY25 net loss of Rs 76 crore
  • Around 10% workforce laid off

Why this matters

Apna Mart’s new funding and accelerated India expansion make it a more credible partnership, distribution or future consolidation target for retailers, consumer brands and logistics players seeking Tier II/III access.

What to watch

  • Number and pace of new city, store or fulfillment-center launches over the next two quarters.
  • Evidence that working capital is improving in-stock rates, fresh-category availability and delivery reliability.
  • Promotional intensity and localized expansion by Blinkit, Zepto, Swiggy Instamart, JioMart and regional grocery chains in Tier II/III markets.
  • Changes in average order value, repeat rate, delivery radius and customer-acquisition spend.
  • Announcements of direct-farm sourcing, private-label launches, logistics partnerships or new supplier-finance arrangements.
  • Any indication that valuation growth is followed by materially higher burn rather than improving unit economics.
  • Deploy capital into inventory availability, supplier credit and replenishment systems in current Tier II/III clusters before broad geographic rollout.
  • Open or partner for neighborhood fulfillment points and offline stores in contiguous markets to raise order density.
  • Expand value-led staples, fresh produce and regional assortment while introducing higher-margin private-label categories.
  • Use omnichannel loyalty, WhatsApp/app ordering and store-assisted digital acquisition to lower customer-acquisition costs.
  • Prepare for a larger follow-on round by demonstrating city-level contribution-margin improvement and repeat-purchase cohorts.

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