Frendy is a tech-enabled small grocery chain that secured Rs 2 crore in a debt funding round led by UC Inclusive Credit. The round has the participation of existing investors including AT Capital, Auxano Capital, Let’s Venture, Desai Venture, Metara Ventures, and MARV Capital. The company has secured a total of Rs 42 crore to date since its inception including this Rs 2 crore debt funding.
The company plans to use this fresh capital to scale its operations, expand its network in tier-III towns, enhance its services, and advance its technologies. The firm was founded by Sameer Gandotra in 2019. The startup is developing a customized convenience store Network for spreading its grocery chain and mini-marts for consumers in tier-III towns and cities across India. The managing director of UCIC, Abhijit Ray mentioned that they provide loans to companies with strong founders and reputed investors. UCIC invested in the firm cause it is led by strong and highly experienced founders. He highlighted that Frendy has been working on meeting the needs of small entrepreneurial ventures in tier-II and tier-III cities in India and UCIC is glad to collaborate with the startup to help them achieve their mission. BW reported.
The startup reported Rs 82 crore revenue for FY23. The company focuses on doubling its sales in the next 12 months while expanding its market presence. The Ahmedabad startup currently offers 25 marts and 2,000 micromarts across rural Gujrat. The company aims to expand its business in the next 12 months to 100 marts and 3,000 small marts. The grocery chain startup also has a digital platform to connect micro kiranas and end users. This platform acts as a last-mile digital commerce bridge to serve even more areas of rural consumers. The online platform offers delivery services in 48-72 hour intervals.
Frendy offers fast foods, bakery items, beverages, toys, and other items at its marts. The founder of Frendy, Sameer Gandotra mentioned that the startup has achieved 40 annual turns of inventory. These high inventory turns enabled the startup to finance central inventory with a credit facility. The company uses the B2B layer for a seamless operational experience. The company has developed over 300 SKU private label portfolios. The startup faces competition from other companies including Rozana, Citymall, and 1K.
Conclusion:
Frendy is a tech-enabled small retail or grocery chain delivery startup that secured Rs 2 crore in its debt round led by UC Inclusive Credit. The platform provides food, grocery, beverages, and child entertainment items through its websites and retail stores. The company is backed by known investors such as MARV Capital, Let’s Venture, AT Capital, Auxano Capital, and Desai Ventures. The startup intends to use these fresh proceeds to scale its operations and expand its network in tier-II and tier-III cities across India. The Ahmedabad-based startup is developing a customized convenience store network to offer its services in rural and small cities or towns.
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