Social VC Investments
Rural commerce startup VilCart raises $13-M led by Asia Impact
Bengaluru-based rural commerce startup VilCart has raised INR 106.6 crore (around USD 13 million) in a Series A funding round led by Asia Impact, with participation from NAB Ventures and Texterity Pvt Ltd. The company will use the capital for operations and business development. Asia Impact led the funding round with INR 91.96 crore, followed by NAB Ventures which put in INR 14 crore. Texterity infused INR 62 lakh. Post the financing round, Asia Impact holds 31.28% shares in VilCart, while NabVentures own a 12.36% stake. Texterity and Test Yantra Software Solutions command 0.17% and 3.18% stakes, respectively. Founded in 2018 by Prasanna Kumar, Mahesh Bhat, Rajasekhar, and Amith Mali, VilCart helps village kirana stores procure inventory and manage logistics and supply chains. It started business in one district in Karnataka and has now rapidly expanded to multiple districts, including Mandya, Kolar, and Bengaluru rural. It currently services nearly 5,000 villages in Karnataka and has 45,000 kirana stores on its network.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
