SuperK, a branded franchised retail chain for India’s small towns, has raised $6 million in a Series A round led by Blume Ventures. In another development, Chiratae Ventures has sold stake in some portfolio firms to Madison India Capital.
Blume leads $6m funding in SuperK
SuperK, a branded franchised retail chain for small towns in India, raised $6 million in its Series A round of funding led by Blume Ventures, the startup announced on Wednesday.
The financing also saw the participation of Silver Needle Ventures, Veltis Capital, Atrium Angels, and some angel investors and syndicates, the startup said in a statement.
The funding will be used for investing in technology infrastructure, hiring, and scaling the platform to connect digital native brands with SuperK customers, the statement added.
Founded in 2020 by Anil Thontepu and Neeraj Menta, two BITS Pilani batchmates, SuperK currently operates in over 80 tier 3, tier 4, and tier 5 towns of Andhra Pradesh serving over 5 lakh families.
Chiratae sells stake worth $70m in some portfolio firms
Venture capital firm Chiratae Ventures, which has invested in companies such as Lenskart, FirstCry and Policybazaar, has sold stake in some of its portfolio firms to Madison India Capital, The Economic Times reported on Wednesday.
The transaction is expected to have given these stakes a collective valuation of about $70 million, the report added.
The sale by Chiratae involved companies from its Fund-II and Fund III. The former closed at $95 million while Fund-III accumulated $208 million in capital. According to the report, the fund sold stakes in firms like eyewear retailer Lenkart, vendor management startup Bizongo and Rentomojo.
Chiratae Ventures’ other investments include Myntra, Uniphore, and Curefit. It has also completed three IPOs from its portfolio to date—PolicyBazaar, NewGen and Yatra.
