[Funding] Express Stores raises Rs 8 crore seed fund led by Venture Highway and others

Express Stores, an omnichannel chain of Bharat’s kiranas, has raised seed funding of Rs 8 crore. Venture Highway (of Neeraj Arora, ex-Whatsapp & Samir Sood, ex-Google) led the funding round. It also saw the participation of investors like Kunal Bahl and Rohit Bansal (Snapdeal), Anupam Mittal (People Group) and Amit Singhal (Google) among others. The company aims to use the funds to make the product-market fit and ace the initial growth. Further, the company aims to add talent and regulate supply chain technology.

Apoorv Jain (IIT Delhi) and Kartik Gupta (BITS Pilani) founded Express Stores in 2019. The startup aims to become “the most preferred daily needs store for the neighbourhood”. The company has achieved product-market fit with a unique, scalable, tech-driven and contribution margin positive business model.

From the leaders

Commenting on the funding, Apoorv Jain, CEO & Co-Founder, Express Stores, said, “We believe the next big opportunity lies in the modernisation of kiranas, a segment which continues to be largely unorganised. Consumers need modern shopping experience in their neighbourhood while retailers need hassle-free, profitable business operations. Express Stores, with its 360-degree solution, aims to lead this change.”

In his statement, Samir Sood, Founder, Venture Highway expressed his excitement as a partner of Express Stores. He said that they represent the ambition of next-gen Indian founders solving for Bharat. “Grocery is an overwhelmingly large market. The most important thing for a startup in this space is to have a clear sight of positive unit economics. We are confident that Apoorv, Kartik and team are doing exactly that while scaling fast.”

He adds that Venture Highway aims to give back to the country’s early-stage ecosystem. Further, Anupam Mittal, Founder, People Group, added, “Express Stores is tapping a massive retail opportunity and have mastered their GTM & playbook over the last year. I’m delighted and proud to partner with the team, who have the right mix of experimentation, execution & excellence.”

The founders of Express Stores have previously worked in various leadership roles. Sone manes include Urban Company, Jabong, Lazada, Flyrobe, Wadi. Not only in India, but the founders also have experience across Dubai and South-East Asian markets.