B2B ecommerce platform for Kirana stories, MaxWholesale has raised Rs 4.43 crore from its existing investors Al Falaj Commercial Investment and Indian Angel Network Fund. This is the second investment for the company in last four months as it raised $3 million in its pre-Series A round earlier this year from AI Falaj and IAN Fund-I.
The startup has allotted 426 Series A5 CCPS to the existing backers’ investors at Rs 44,273.5 per share, mentioned the company’s RoC filing with the MCA. The New Delhi-based startup also passed a special resolution to approve the appointment of Raman Roy as a nominee director in the company, as part of the funding deal. Raman Roy is co-founder of IAN and former chairman of NASSCOM.
MaxWholesale which has been in the market for four years, also passed the adoption of ESOP Scheme 2020 which incorporates 1725 options which shall be convertible into an equal share of the firm at the time of the exercise of such options. This facility will only be available for a select eligible employees of which the company has passed a list. It can be granted to any eligible employee during any one year which shall not be equal to or exceed 1% of the issued capital of the company at the time of the grant and will carry a vesting period of 4 years from the issue of grant of such options.
MaxWholesale was co-founded by Samarth Agarwal and Rohit Narang with the objective to help Kirana Stores source inventory online and check prices and schemes of several FMCG brands and products and place order as per their requirement for reselling. The company fights with the likes of Shopkirana, StoreKing, Udaan, ShopX and GramFactory.
The startup presently serves over 10,000 stores in the national capital and manages warehouses in Delhi-NCR region with delivery services in Delhi, Gurugram, Noida and Ghaziabad. It also recently launched its mobile app called ‘Radius’ to connect the local retailers with customers.