- The capital raised will be utilized to support its central inventory requirements for servicing its network of Frendy Marts and Micro Kiranas in Tier 3+ towns across Gujarat.
- Including the recent debt financing, the company has now raised a total of Rs 42 crore.
- Frendy’s roster of investors includes Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore).
- Currently, Frendy operates 25 Marts and serves 2,000 micro Kiranas across rural Gujarat.
- Frendy aims to expand its business to encompass 100 Marts and cater to 3,000 Micro Kiranas within the next 12 months.
Ahmedabad, July 16, 2024: FRENDY, a tech-enabled small format grocery chain catering to daily shopping needs in tier 3 and beyond cities, has secured Rs 2 crore in working capital credit from UC Inclusive Credit (UCIC), the NBFC arm of Unitus Capital. This funding will support FRENDY’s central inventory requirements across its network of Frendy Marts & Micro Kiranas in tier 3+ towns of Gujarat.
UCIC, incubated by Unitus Capital, focuses on providing impactful financial solutions to support companies addressing significant market needs through innovative products and services.
Abhijit Ray, Managing Director of UC Inclusive Credit, remarked, “UCIC is pleased to partner with FRENDY, a company led by visionary founders and catering effectively to micro and small entrepreneurial ventures in India’s tier 2 and tier 3 cities.”
Founded in 2019 in Ahmedabad by Sameer Gandotra, Harshad Joshi, and Gowrav Vishwakarma, FRENDY aims to scale its operations fourfold, seeking equity financing and expanding credit lines to facilitate growth. The partnership with UCIC enhances operational and financial discipline for FRENDY during its early-stage growth.
Sameer Gandotra, Founder & CEO of FRENDY, highlighted, “Our proprietary Auto Replenishment System enables high inventory turnover, facilitating our credit needs for central inventory. UCIC’s expertise in supporting MSMEs and startups in rural sectors aligns perfectly with FRENDY’s growth trajectory.”
FRENDY operates 25 Marts and services over 2000 micro-kiranas in rural Gujarat, with plans to expand to 100 Marts and 3000 micro-kiranas within the next year. With a revenue of Rs 82 crore in FY23, FRENDY aims to double its sales as it expands geographically.
FRENDY’s Hub & Spoke model drives retail margins at its Marts and includes a tech-enabled B2B layer for micro-kirana operations. The company has also introduced a robust portfolio of 300 private label SKUs, alongside new offerings in fast food, beverages, bakery items, and children’s entertainment, all contributing positively to its growth strategy.
Submitted by PR Agency
