[Funding] Convenience store startup AMPM raises INR 16 Million from Agility Venture Partners

Convenience store startup AMPM has raised INR 16 million funding through Agility Venture Partners. AVP is an angel investor platform that has planned to invest in 30 startups across 2021. It also aims to launch its venture capital fund by September 2021. In fact, 440 investors across five chapters in India and Dubai have invested about INR 70 million. The Angel Fund has invested in brands like Power Gummies, Vanity Wagon, CivilCops etc.

“We are happy that our efforts have aided AMPM to find a corpus of INR 16 million; with an actual valuation of INR 66 million. We hope we can power many other brands this year to find the fuel for their billion-dollar dreams,”, said Prashant Narang, Co-founder of Agility Venture Partners.

About AMPM

The convenience store startup aims to be India's answer to 7-Eleven. “We're exhilarated! The initial funding agreement was only for INR 10 million, but we saw an over-subscription of INR 6 million. This support and confidence have made us more optimistic of our success in the coming years,” said Shubham Gupta, Founder and MD of AMPM store. This investment round also saw Vineet Gupta, a successful entrepreneur himself, taking up the role of a mentor and lead investor in AMPM.

Talking about the business, Shubham explained how he had envisioned it as a convenience store chain across Haryana. “The AMPM store will provide Indian and global products across categories like grocery, bakery, confectionery, stationery, pharmacy and F&B. We are having a 24hours live kitchen cafe with a sit-out, moreover 24hours delivery is also available,” he explained.

"Right now, we're live in 5 cities - Karnal, Panipat, Gurugram and Yamunanagar. We aim to expand to 10 cities by the end of 2021, with at least fifteen live stores across northern India. This will expand to 15+ cities in the next year," he added.