Frendy, a social commerce startup has raised Rs 23 crore in a funding round from Marv Capital and Centera Fund, with participation from existing investor Desai Family Office and new investors via LetsVenture Angel Fund.
Many investors including Shalabh Mehrish ( Vinson Cap Advisors), Jon Piebenga (partner, Social Venture Partners) and Kunal Shah (founder, Cred) also participated in the round.
The startup plans to primarily use the funds for growth, expanding its team and meeting its working capital needs.
“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.
“Entrepreneurial frugality coupled with local knowledge and relationships have been the hallmarks of successful rural distribution businesses and Frendy has adopted this to scale quickly and sustainably with a low capital requirement”, said, Sameer Gandotra, cofounder of Frendy.
“What differentiates Frendy from other community group buying platforms is its Bharat-focussed team that has prior experience and success in building a microentrepreneur business with a capital-efficient execution model”, he added.