Gully Network is creating its niche in the $25 billion mid-sized store segment that has mostly been ignored amidst the e-grocery and Kirana war. Its unique 360° integrated retail-tech platform offers the full-stack benefits of a Modern Trade Retail Chain to a stand-alone mid-sized store with increased income and end-to-end automated operations. The business model brings the best of both the worlds – product assortment and shopping experience of a supermarket along with profitability and readiness of a neighbourhood store. Gully Network plans to open new income streams with scale other than the primary grocery business and is committed to empower retailers and to offer more to the end consumer.
The startup was founded in 2019 by Ajay Nain and Prateek Chaturvedi. Founders are alumni of IIT Madras and IIM Ahmedabad. Ajay Nain earlier co-founded RentoMojo and has extensive experience in the FMCG industry while Prateek Chaturvedi comes with a core understanding in the distribution and analytics space post working with Cipla and McKinsey.
Speaking on the investment, Ajay Nain, Founder – Gully Network, said, “We see that despite using multiple platforms for online sales, POS, supply, and loan, retailers still struggle with manual and inefficient day-to-day operations. Non-exclusive B2B apps have not gained loyalty from retailers. We work exclusively with stores and tech-enable them in all possible ways. We double their net income and completely automate their operations. We have achieved our initial product-market fit and with this raise, we aim to scale to 100 stores.”
Venture Catalysts, Inflection Point Ventures and DFAN invested in the pre-Series A funding round. The startup earlier raised its seed round from Orios Venture Partners, which participated in this round as well.
Dr Apoorva Ranjan Sharma, Co-founder & President – Venture Catalysts, commented, “A lot of incomplete tech players are available in the market which targets small Kirana shops. But, the true potential of the mid-sized store market is still untapped. We believe that Gully Network’s tailored-made tech solution brings the best of mid-sized stores solving the ground-level challenges.”
Anup Jain, Managing Partner – Orios Venture Partners, commented, “Gully Network continues to be India’s answer to 7-Eleven globally or Family Mart in SEA as mid-sized grocery store owners hungry for full-stack retail technology become its partners. We are excited to continue to be a key partner for Gully Network on its journey to creating a big success story in Indian retail.”
Mitesh Shah, Co-founder – Inflection Point Ventures, commented, “With their novel business model, and amazing founding team, GULLYMART is fast getting established as a trusted brand for retailers well in the retail market of Bengaluru. IPV, with its vast Investor base of CXOs from diverse industries including FMCG & Retail, will help Gully Network expand rapidly.”