In a significant stride towards transforming the retail landscape in smaller towns and rural India, Frendy, the innovative digitally connected convenience store network, has successfully raised $2 million in a bridge funding round. The investment was co-led by prominent investors, including Auxano Capital, AT Capital Singapore, Priya Joseph, Rohan Jain & Rishabh Jain, Apurva Salarpuria family office, and Desai Ventures, the existing investor.
Frendy, founded in 2019 by Sameer Gandotra, Gowrav Vishwakarma, and Harshad Joshi, has been pioneering a shopping platform designed to cater to the diverse needs of consumers in Bharat. The company’s vision revolves around establishing a network of virtual marts facilitated by local homepreneurs, providing access to grocery staples, food & beverages, fruits & vegetables, home cleaning, personal care, grooming & beauty, home & kitchen, and electronics items.
This recent funding injection is poised to fuel Frendy’s expansion plans, with a focus on enhancing its technological infrastructure, expanding the private label product portfolio, and increasing the footprint of its stores. The company is considering extending the funding round up to Rs 24 crore ($3 million) through a follow-on rights issue.
Having previously secured $3 million in a Series A round in May 2022, co-led by Centera Fund, MARV Capital, and Lets Venture, Frendy is making strategic strides in the market. The new funds are earmarked for fortifying its commitment to offering the best prices for daily needs, with an extensive range of 1,000 to 2,000 products.
Currently operational in over 40 tier II-VI towns in Gujarat, Frendy has successfully carved out a niche, serving more than 50,000 customers with a diverse product selection. The company reports remarkable financial growth, boasting a revenue of Rs 82 crore in FY23, a substantial leap from Rs 40 crore in FY22.
As Frendy continues to revolutionize the retail landscape in India’s heartland, this latest funding round positions the company to further consolidate its presence, empower local entrepreneurs, and meet the evolving needs of consumers in underserved markets.
