Mumbai: 1K Kirana Bazaar (1K), an offline to online neighbourhood store (kirana) network, today announced its Series A funding. They have raised USD 7 million in equity funding from marquee investors.
The investment round was co-led by Info Edge Ventures and Partners of Falcon Edge. 1K’s existing investor Kae Capital also participated in the round. Other investors include Blackbuck founders Rajesh Yabaji & Chanakya Hridaya and Hari TN from BigBasket. The company had raised around USD 1.5 million in prior rounds from Kae Capital and 1Crowd.
1K is a consumer-focused retail brand that partners with neighbourhood kirana stores in India’s smaller towns to deliver an unmatched shopping experience to end consumers.
The company was founded in late 2018 by Kumar Sangeetesh, Sachin Sharma and Abhishek Halder. While Sachin, who has an MBA from NITIE Mumbai was Sangeetesh’s colleague at Blackbuck, Abhishek was Sangeetesh’s classmate from IIM Ahmedabad.
He also added, “With our super-fast but organic growth, we are confident that we will be able to expand to more markets in northern India and bring about a positive change in the lives of millions of consumers”.
1K helps unorganized kirana stores compete with both online and offline organized retail by adopting a first-of-its-kind technology stack that helps kirana store owners acquire and retain consumers, improves their sourcing efficiency, improves their assortment and pricing for end consumers and in the process helps them multiply their income manifold.
The company is ushering in a new era of retail in Bharat with their asset-light model quickly scaling to 150 touch points and serving more than 100,000 consumers while maintaining robust unit economics.
1K’s consumer app further extends the capabilities of the kirana store by acting as a virtual shelf to stock long-tail items like homeware, kitchenware, electronics etc. which consumers can buy for pick up or delivery from the kirana store. Their app has seen promising organic adoption by thousands of consumers, most of whom are first-time online shoppers.
1K plans to use the new funds to expand to 1000+ kirana store partnerships in the next one year and serve more than a million consumers.