VilCart Secures USD 10 Mn for Rural Commerce Growth

New Delhi, Feb 10 (PTI) Rural focussed B2B e-commerce firm VilCart has raised USD 10 million in a bridge funding of about USD 10 million to accelerate its growth from a group of investors, the company said on Monday.

The funding was secured from AI-X BV, Spark Capital, and existing investors Nabventures, the company said in a statement.

"VilCart, rural commerce startup, has successfully raised bridge funding worth USD 10 million to further accelerate its growth. The funding was secured from AI-X BV, Spark Capital, and existing investors Nabventures," the statement said.

VilCart caters to rural families through kirana stores.

VilCart claims to reach around 16 per cent of rural populations of south India through its 1 lakh kirana (grocery) stores network across 30,000 villages in the region.

"This funding validates VilCart's growth and the opportunity in rural commerce in India. It will help us grow faster and turn kirana stores into grameen super markets. As we scale, our focus remains on strengthening rural supply chains, enhancing technology, and creating sustainable opportunities for rural businesses," VilCart CEO Prasanna Kumar C said.

VilCart claims to have closed the year with a topline of Rs 883 crore for 2023-24 and is projecting a topline of Rs 1,200 crore for the current fiscal year.

The newly secured funds will be utilised to strengthen the reach of its own brands by making every rural family have hygienically packed groceries and edible oil at par with urban households, further strengthening VilCart's capabilities in rural commerce and accelerating its growth initiatives.

"We believe in Vilcart's vision to connect farmer-producer organisations, brands, rural SMEs, and manufacturers directly to these stores, ensuring access to a wide range of products and improving livelihoods in rural communities. We are committed to supporting their continued growth and success," Nabaventures CIO Ashish Chaudhury said.