Summary:

  • The brainchild of Sameer Gandotra, Frendy Mart was established in 2019 with the vision of creating a network of modern neighborhood grocery mini-marts for consumers residing in small towns and villages across India. virtual tours.

  • This round was led by UC Inclusive Credit.

  • The newly acquired funds will be channelled into bolstering the company’s central inventory needs.

Frendy, a retail tech small format grocery chain, has successfully raised Rs 2 crore, equivalent to approximately $239,000, in a debt round spearheaded by UC Inclusive Credit. This recent influx of funds brings the startup’s total raised capital to an impressive Rs 42 crore, which includes both equity and debt investments. This financial milestone is a testament to Frendy’s growth trajectory and the confidence investors have in its business model.

The list of Frendy’s existing investors is notable, featuring prominent names such as Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore). These investors bring a wealth of experience and a diverse set of resources to the table, which Frendy can leverage to drive its expansion and operational efficiency.

The newly acquired funds will be channelled into bolstering the company’s central inventory needs. This is a strategic move designed to support and expand Frendy’s network of Frendy Marts and Micro Kiranas in the tier III towns of Gujarat. The central inventory is a crucial component of Frendy’s supply chain, ensuring that all retail outlets are well-stocked and capable of meeting the demands of local consumers.
Frendy has reported a revenue of Rs 82 crore for the fiscal year 2023 (FY23), a significant achievement that underscores its growing market presence and operational success. With this strong financial performance as a foundation, the company has set an ambitious target to double its sales over the next 12 months. This goal aligns with Frendy’s strategy to expand its geographical footprint and increase its market share in the coming year.

The brainchild of Sameer Gandotra, Frendy was established in 2019 with the vision of creating a network of modern neighborhood grocery mini-marts for consumers residing in small towns and villages across India. Gandotra’s vision is to revolutionize the retail landscape in these areas by providing accessible, well-stocked, and technologically integrated grocery stores that cater to the everyday needs of local communities.
Headquartered in Ahmedabad, Frendy currently operates 25 marts and collaborates with 2,000 micro kiranas across rural Gujarat. These micro kiranas, or mom-and-pop stores, are integral to Frendy’s business model. By connecting these small, independent retailers with its larger marts, Frendy creates a symbiotic relationship that enhances supply chain efficiency and product availability. This networked approach not only benefits the micro kiranas by providing them with a reliable source of inventory but also helps Frendy extend its reach into the rural heartlands of Gujarat.

Looking ahead, Frendy has laid out an ambitious expansion plan. The company aims to increase its footprint to 100 marts and 3,000 micro kiranas within the next 12 months. This rapid scale-up is indicative of Frendy’s commitment to growth and its confidence in the scalability of its business model. The expansion will enable Frendy to serve a larger customer base, providing more consumers with access to quality groceries at competitive prices.

A key element of Frendy’s strategy is the digital connectivity of its marts and micro kiranas. Each Frendy Mart is digitally linked to a cluster of micro kiranas and their end customers. This digital integration allows Frendy to build a robust last-mile digital commerce bridge, facilitating efficient inventory management, order processing, and customer service. The digital platform enhances the shopping experience for rural consumers, making it easier for them to access a wide range of products.
In conclusion, Frendy’s recent funding round and its strategic initiatives underscore its potential to transform the retail landscape in rural India.

By focusing on inventory management, digital integration, and rapid expansion, Frendy is well-positioned to achieve its ambitious growth targets and continue its journey toward becoming a leading player in the Indian retail sector. As the company scales its operations and expands its network, it will play a pivotal role in enhancing the accessibility and availability of quality groceries for consumers in small towns and villages across Gujarat and beyond.