[Funding Alert] WEcommerce Venture Frendy Raises Pre?Series A Funding of Rs 10 cr
[Funding Alert] WEcommerce Venture Frendy Raises Pre?Series A Funding of Rs 10 cr

Community group buying platform Frendy has raised its pre–Series A funding of Rs 10 crore, with a larger Series A round to be closing in the next few months. 

The Gujarat-based company brings discounts on grocery and other daily needs to Tier II-VI towns (Bharat) via neighborhood homepreneurs. 

The Pre-Series A funding round of Rs 10 crore has been led by Pavitar Singh (CTO Sprinklr) Abhishek Khurana (SVP Product Engineering, Sprinklr) and the Desai Family Office (Investor in Infibeam, Licious, PetPooja, PeeSafe etc). The start-up is in the final stage of discussions with several investors to close its Series A round of Rs 30 crore in the next few months. 

“To this effect, Frendy has raised its first tranche from investors as part of its initial Rs 30 crore Series A round,” says Sameer Gandotra, Founder, Frendy. 

The start-up has expanded with operations in 20+ towns and break-even unit economics. The platform has scaled rapidly to 3,000 Frendy partners and 3,000+ products on the platform growing 30 percent every month and is on track to reach an ARR of Rs 300 crore in the next financial year.

Moreover, its current team size is 75 people across tech, community building, and operations which is to be expanded to touch 200 in the coming year as it scales to Rajasthan, Madhya Pradesh and a few states in Eastern India.

Business Model

Several Social Commerce models focus on discovery and customer acquisition. This works for the urban tech-savvy customers who have experienced e-commerce priorly. 

The Frendy WEcommerce model is unique as it provides social and trust along the entire customer journey. The company claims, "Frendy Partner" is typically a woman homepreneur from the neighborhood. She educates friends, neighbors, and relatives, of the price benefits, variety, and convenience of buying on Frendy and easily helps them come online. 

Customers get all the information on deals, offers and products on the WhatsApp groups run by their Frendy partners. Frendy partners also recommend products and are ready to answer any Customer queries in their preferred local language. Customers can be assisted to place orders easily via the Frendy partner. 

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