Apna Mart raises Rs 120 crore Series C at Rs 1,470 crore value

Apna Mart has raised Rs 120 crore in a Series C round co-led by existing backers Accel India and Fundamentum, with Peak XV Partners also participating. Accel and Fundamentum are putting in Rs 55 crore each and Peak XV Rs 10 crore. The round values the Gurugram-based grocery platform at about Rs 1,470 crore, roughly double its earlier Rs 738 crore mark.

Apna Mart runs a franchise-led omnichannel grocery model in Tier II and Tier III cities. Neighbourhood franchise stores double as retail points and delivery nodes, which lets the company offer fast delivery without paying for company-owned metro dark stores. Founders Abhishek Singh and Chetan Garg compete with Blinkit, Swiggy Instamart and Zepto in markets those platforms reach late.

Operating revenue hit Rs 500 crore in FY26, about 2.5 times the Rs 185 crore recorded in FY25. Net loss in FY25 was Rs 76 crore. The company cut close to 10 percent of its workforce earlier in 2026 and moved its head office from Bengaluru to Gurugram. The new money goes to working capital and expansion into more markets.

What it means for brands

A funded franchise-grocery network behaves differently from quick commerce. Terms and margin structures are negotiated centrally, but stock sits inside franchise stores, so fill rate depends on franchisee ordering behaviour rather than a central replenishment engine. Brands used to platform-run dark stores will need field checks and franchisee-level demand signals to keep availability honest. The doubled valuation on 2.5 times revenue growth also tells you where investor appetite sits right now: asset-light small-town retail over another round of metro dark-store expansion.