Gurugram-based grocery chain company 1K Kirana Bazaar recorded a 2.6X rise in scale to Rs 224 crore in the last fiscal year. Its revenue from operations too saw a similar spike to Rs 220 crore the same year.
Previously in FY22, the company had witnessed an overall revenue of Rs 84.7 crore with over Rs 80 crore coming in from operations.
1K is a hyperlocal omnichannel grocery chain established by Sachin Sharma and Abhishek Halder. Its focuses on creating micro experiences for consumers and kirana entrepreneurs with the use of technology as an enabler. It is looking to modernize the traditional kirana stores in the country.
The six-year-old company had scooped up a total of more than Rs 260 crore through 4 different funding rounds since inception. It last raised Rs 193 crore in its Series B round led by Alpha Wave Global in May 2022. The round also saw participation from the likes of Kae Capital, Infimomentum Venture, Elite Zilla, Amrit Acharya, Info Edge, Kalysta Capital, and Sachin Sharma. 1K Kirana Bazaar is currently valued at Rs 835 crore.
The company had previously raised over Rs 11 crore in late 2021 in its Seed round led by Kae Capital. The likes of 1Crowd, Kulminder Kaur, Stuti Pandey, Madhur Dobhal, Gaurav Dangwal, Prateek Rastogi, Chetan Bisht were among those who invested in the round.
Post its latest investment investors InfoEdge became its largest shareholder with over 20% of the company shares. Following close behind is Kae Capital with a little over 13%. Founders Kumar Sangeetesh and Abhishek Halder hold an equal share of close to 11% of the company.
The company’s expenses ballooned to Rs 407.7 crore in FY23, a 2.8X spike as compared to the preceding fiscal year. While employee benefits costs was one of the major expenses of the company taking up over 23%, transportation and depreciation took up over 2% and more than 1.5% of the total expenses of the year.
As for losses, it saw a three fold rise to Rs 182.5 crore the same year as opposed to its preceding fiscal’s Rs 61.6 crore. While the company’s EBITDA margin stood at -76.43%, its ROCE is -1,629.26% in FY23.
Locally, it competes against the likes of eSamudaay- provider of retail store aggregating solution for businesses, provider of store retail chain solutions SuperK, operating system that connects brands, retailers, and consumers ShopX, and provider of B2B procurement platform for grocery retailers Shopkirana.