SuperK, a franchised grocery retail chain catering to small towns, announced on Wednesday that it has secured USD 6 million (approximately Rs 49 crore) in a funding round led by Blume Ventures. The Series A funding round also saw participation from Silver Needle Ventures, Veltis Capital, Atrium Angels, as well as several angel investors and syndicates, according to a statement from the company.
Utilization of Funds
The company stated that the funds raised will be utilized for investment in technology infrastructure, hiring initiatives, and scaling the platform to facilitate the connection between digital native brands and SuperK customers.
Expansion
SuperK currently operates in over 80 Tier 3, 4, and 5 towns in Andhra Pradesh. The company’s approach, characterized by dense market penetration in smaller towns, has proven successful in generating store-level profitability.
Future Plans
Karthik Reddy, Co-founder of Blume Ventures, expressed enthusiasm about the investment, highlighting the potential for modern retail expansion in smaller towns enabled by a tech-driven supply chain. Reddy emphasized SuperK’s strategic approach in Andhra Pradesh and its ability to deliver profitable outcomes at the store level. He stated the intention to support SuperK’s next phase of growth, with plans to eventually extend operations across most of South India.
