The Indian B2B supply chain startup AnKa SumMor has raised $1.5 million in pre-Series A funding, money the Bengaluru-based company will use to expand and scale its operations, Inc42 reported.
The firm will also explore the use of artificial intelligence (AI) and machine learning (ML) technologies to create recommendation engines for retailers and brands, according to the report.
Founded in 2018, AnKa SumMor lets challenger brands access conventional fast-moving commercial goods (FMCG) distribution outlets, such as supermarkets and specialty stores, but at lower costs, the report stated.
The company’s solutions can be found in 8,000 stores in the cities of Hyderabad, Chennai and Bengaluru. Customers include McVities, Wai Wai, Yoga Bar, Yellow Diamond, Bauli, Tru Earth, Om Bhakti and Paper Boat, according to the report.
The company’s model aggregates and consolidates carry and forwarding agents, super stockists and multi-channel distributors into a single platform. AnKa SumMor gives brands greater reach and visibility while letting them monitor outlet-level sales info in real time, earning revenue from retail sales margins, the report stated.
“The Indian retail industry is very fragmented,” said AnKa SumMor CEO and Co-Founder Ashok George in the report. “Distributors also act as financiers and infrastructure providers. Attrition is very high, and the whole process is very inefficient. With AnKa SumMor, we are trying to consolidate the distribution network.”
George added that companies like his will play a crucial role in boosting India’s growing retail market, expected to be worth $260 billion by the middle of the decade, according to the report.
In August, another Indian supply chain firm, Delhivery, was preparing an initial public offering (IPO) that could raise an estimated $1 billion.
Read more: Supply Chain Startup Delhivery Readies for $1B Mumbai IPO
Delhivery can list on the Bombay Stock Exchange, the National Stock Exchange, or on both. Both exchanges are located in Mumbai.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More