New Delhi, 02nd March 2021: Convenience store start-up AMPM, which aims to be India’s answer to 7-Eleven, has raised INR 16 million funding. With live outlets in 5 cities, the company has raised these funds through Agility Venture Partners, an angel investor platform.
“We’re exhilarated! The initial funding agreement was only for INR 10 million, but we saw an over-subscription of INR 6 million, this support and confidence has made us more optimistic of our success in the coming years”, said Shubham Gupta, Founder and Managing Director of AMPM store. This investment round from Agility also had Vineet Gupta, a successful entrepreneur himself, taking up the role of a mentor and lead investor in AMPM.
Agility Venture Partners, a New Delhi-based investor fund, has planned to invest in 30 start-ups across 2021 and launch its venture capital fund by September. Backed by a group of 440 investors across five chapters in India and Dubai the fund has raised about INR 70 million for brands like Power Gummies, Vanity Wagon, CivilCops and more earlier.
“We are happy that our efforts have aided AMPM to find a corpus of INR 16 million, with an actual valuation of INR 66 million. We hope we can power many other brands this year to find the fuel for their billion-dollar dreams”, said Prashant Narang, Co-founder of Agility Venture Partners.
Talking about the business, Shubham Gupta explained how he had envisioned it as a convenience store chain across Haryana. “The AMPM store will provide Indian and global products across categories like grocery, bakery, confectionery, stationery, pharmacy and F&B. We are having a 24hours live kitchen cafe with a sitout, moreover 24hours delivery is also available.”, he explained.
“Right now, we’re live in 5 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,” he added.