Social Commerce Startup Frendy Raises Rs 23 Crore Funding

May 02, 2022•over 3 years ago

Amount Raised

₹230 Million

Round Type

seed

Bengaluru

Description

Bengaluru: Social commerce startup Frendy has raised Rs 23 crore in a funding round led by New York's Marv Capital and UK-based Centera Fund, with participation from existing investor Desai Family Office and new investors via LetsVenture Angel Fund.

Company Information

Company

Frendy

Location

Bengaluru, Karnataka, India

About

The company said it plans to use the funds primarily for growth, expanding its team and meeting its working capital needs. The startup has a presence in around 25 tier 2-6 towns and over 4,500 products. The company recently forayed into Rajasthan with Madhya Pradesh. “The company has achieved a revenue of Rs 43 crore in its very first year of operations with break-even unit economics. Frendy is clearly on track to reach an annualised revenue run rate of Rs 300 crore by the end of the financial year,” the company said in a statement on Monday. The company said it has an asset-light franchised local distributor model that serves it well in tier 3-6 markets. The startup sells groceries, personal care and home and kitchen essentials on its platform.

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83% of B2B companies plan digital investments, with 79% prioritizing customer experience tech

Social Commerce Startup Frendy Raises Rs 23 Crore Funding

Description

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Funding Insights

Company Information