Apna Mart has raised ₹120 crore, about $12.7 million, in a Series C round co-led by returning investors Accel India and Fundamentum, with Peak XV Partners joining the cap table.

The round values the grocery retailer at approximately ₹1,470 crore, nearly double its ₹738 crore valuation from the Series B just over a year earlier, according to Indian Startup News and Indian Retailer. Regulatory filings cited by SiliconIndia show the board approved 2,367 Series C compulsorily convertible preference shares priced at ₹5,06,757 each, with Accel and Fundamentum investing ₹55 crore apiece and Peak XV contributing ₹10 crore.

Same Lead Investors, Third Round Running

Accel and Fundamentum led Apna Mart’s roughly $25 million Series B about a year ago and have now co-led the Series C as well, an unusual repeat pairing at the lead position.

Vertices Partners, led by founder Vinayak Burman and partner Vishal Mehta, advised Apna Mart on the deal, according to Bar and Bench. The firm also advised on the company’s Series A and B, meaning the same legal counsel has now run all three rounds.

Apna Mart is legally Fleet Labs Technologies Private Limited, per Bar and Bench. The company runs a franchise-led omnichannel grocery platform built for Tier II and Tier III cities, distinct from the metro-first approach of Blinkit, Swiggy Instamart and Zepto.

Its stores do double duty: neighbourhood outlets serve walk-in shoppers while also functioning as dark-store nodes for roughly 10-minute app deliveries. Founders Abhishek Singh and Chetan Garg have positioned that hybrid network against rivals that depend on pure dark-store density in large cities.

Revenue Rose 2.5X While Headcount Fell

Entrackr and Indian Retailer report that operating revenue grew 2.5X to ₹500 crore in FY26, up from ₹185 crore in FY25, when the company posted a net loss of ₹76 crore.

Neither outlet gives an updated FY26 loss figure, so the current burn against that revenue growth is not established.

In May 2026, Apna Mart cut its workforce by around 10% as part of a restructuring tied to AI tool adoption. The company also moved its headquarters from Bengaluru to Gurugram this year, according to Entrackr and Indian Retailer.

The valuation nearly doubled in roughly 13 months on the back of that 2.5X revenue jump. Whether the FY26 loss narrowed by a similar margin is not in the record; the two profitability figures that would confirm or complicate the growth story sit on opposite sides of a gap the current filings don’t close.

The startup plans to deploy the fresh capital toward capital expenditure, working capital and general corporate purposes as it expands its store network, according to Indian Startup News and SiliconIndia.

Sources

Reporting compiled and contextualised by TechScoop India. Figures reconciled across the sources above.

Originally reported by ISN.