Amritsar, NFA Post: Convenience store startup AMPM has raised 16 million rupees funding from angel investor platform Agility Venture Partners, the company said in a statement.
“We’re exhilarated! The initial funding agreement was only for 10 million rupees, but we saw an over-subscription of 6 million rupees, this support and confidence has made us more optimistic of our success in the coming years,” AMPM store Founder and Managing Director Shubham Gupta said.
The Haryana-based retail chain, which aims to be India’s answer to Japan’s 7-Eleven, is currently present in five cities — Karnal, Panipat, Gurugram, and Yamunanagar.
“We aim to expand to 10 cities by the end of 2021, with at least fifteen live stores across northern India. This will expand to 15+ cities in the next year,” Gupta said.
The AMPM store provides Indian and global products across categories like grocery, bakery, confectionery, stationery, pharmacy and F&B (food and bevegrages).
Gupta added that they are having a 24-hours live kitchen cafe with a sit-out, and 24-hours delivery is also available.
New Delhi-based Agility Venture Partners has planned to invest in 30 start-ups across 2021 and launch its venture capital fund by September, the statement said.
Backed by a group of 440 investors across five chapters in India and Dubai the fund has raised about 70 million rupees for brands like Power Gummies, Vanity Wagon, CivilCops and more earlier, it said.
“We are happy that our efforts have aided AMPM to find a corpus of 16 million rupees, with an actual valuation of 66 million rupees. We hope we can power many other brands this year to find the fuel for their billion-dollar dreams,” Agility Venture Partners Co-founder Prashant Narang said.