Retail startup SuperK secures ₹100 crore ($11.7M) in Series B funding led by 3STATE Ventures and Mithun Sancheti, with participation from Shubman Gill.

SuperK, a branded franchised retail network that targets small towns in India, has received Rs 100 crore, or about $11.7 million, from a Series B funding round headed by Mithun Sancheti, the former CEO and founder of CaratLane, and Binny Bansal's 3STATE Ventures. Along with current investors Blume Ventures and Xeed Ventures, Shubman Gill, a current Men's Test captain and Indian cricketer, took part in the investment round.

In March last year, the Bengaluru-based startup secured $6 million in a Series A funding round led by Blume Ventures. In order to significantly boost SuperK's organizational capacity and hasten the company's expansion into additional locations and related categories, SuperK said the money will be used to acquire top talent in marketing, category, store operations, and growth activities.

Industry statistics indicate that the food retail sector in India is valued at $600 billion, with small towns (tier-II and below) accounting for more than 80% of spending. Less than 5% of this massive market is currently served by organized retail, nevertheless. This is a significant opportunity for credible, tech-savvy formats that can expand successfully in these underdeveloped places.

SuperK aspires to become the top supermarket chain in small-town India, much like Costco, by harnessing its technology platform, network of local franchise partners, and a strong, loyal customer base. With a franchisee-based business model, the company currently runs 130 stores in more than 80 small towns throughout Andhra Pradesh.