Retail tech small format grocery chain Frendy has successfully raised Rs 2 crore (approximately $239,000) in a debt financing round spearheaded by UC Inclusive Credit. This latest round brings Frendy’s total fundraising to Rs 42 crore, including previous debt and equity investments.
Frendy’s roster of existing investors boasts prominent names such as Auxano Capital, AT Capital (Singapore), Desai Ventures, Let’s Venture, MARV Capital (New York), and Metara Ventures (Singapore). The newly acquired funds are earmarked for bolstering the company’s central inventory to support its network of Frendy Marts and Micro Kiranas in tier III towns across Gujarat.
Established in 2019 by Sameer Gandotra, Frendy is dedicated to creating a network of contemporary neighborhood grocery mini marts catering to consumers in India’s small towns and villages. Based in Ahmedabad, Frendy currently operates 25 marts and collaborates with 2,000 micro kiranas throughout rural Gujarat. The company has set its sights on expanding to 100 marts and 3,000 micro kiranas within the next 12 months.
Frendy’s marts are digitally integrated with a cluster of micro-kiranas (mom-and-pop stores) and their end customers. This digital connection allows Frendy to establish a last-mile digital commerce bridge, serving a broader spectrum of rural consumers effectively.
