In the latest development for the Hyderabad-based tech-enabled grocery retail chain SuperK, the company has successfully raised approximately Rs 31 crore ($3.7 million) in its Series A funding round. This investment, led by Catalyst Trusteeship Limited (Blume Venture), signifies a significant milestone for SuperK in 2024.

According to regulatory filings sourced from the Registrar of Companies, the funding round saw the issuance of 4,521 Series A CCPS at an issue price of Rs 68,569 each. Catalyst Trusteeship (Blume Venture) spearheaded the round with Rs 21.65 crore, with additional contributions from VSS Investment Fund, Veltis Capital, Stargazer Fund, CoralBay Ventures, Silver Needle Ventures, HOF Profectus, IA Growth Opportunities, and Abhishek Goyal.

As indicated by the company’s filing, SuperK plans to utilize these investments to drive its growth and expansion initiatives while fortifying its financial position. Post-funding, Blume Ventures will hold 10.1% ownership in SuperK, with Silver Needle Ventures and Veltis Capital commanding 1.26% and 1.06%, respectively.

This marks a notable addition to SuperK’s fundraising journey, which includes previous investments such as the $5.5 million round led by Binny Bansal-backed 021 Capital in March 2022. Since its inception in 2019, SuperK has operated a successful grocery retail chain with an asset-light franchise model, boasting over 100 stores across Kadapa and Anantapur.

The company’s robust financial performance in the last fiscal year underscores its growth potential, with revenues surging threefold to Rs 59 crore in FY23 from Rs 19.2 crore in FY22. However, the firm reported losses of Rs 23.5 crore during the same period, indicating the ongoing investment in expansion and development.

With this latest infusion of capital, SuperK is poised to solidify its grocery retail position further, leveraging technology and strategic partnerships to enhance customer experience and capture new market opportunities.