Xpand raises $1.5 million in pre-Series A funding
Premium- Xpand plans to utilize proceeds from the raise to enhance its in-house tech capabilities and build a trained, tech-savvy, and efficient geo-local sales force.
Bengaluru: Last mile distribution provider, Xpand, on Wednesday said it has raised $1.5 million from several high net-worth individuals (HNIs), as a part of its pre-Series A funding round. With the fundraising, Xpand’s valuation stands at $10 million.
The round was led by Akash Prakash, chief executive officer, Amansa Capital who invested in his personal capacity.
The company plans to utilize proceeds from the raise to enhance its in-house tech capabilities and build a trained, tech-savvy, and efficient geo-local sales force.
Eight-month-old Xpand is a business-to-business (B2B) aggregator which connects retailers, franchises, and companies with kiranas helping them to expand their reach. The platform leverages existing infrastructure with zero investment in stock, warehousing, or logistics.
“With Xpand, we are connecting retailers and companies on a single platform to solve their last-mile challenges. Simultaneously, we would empower and enable traditional kiranas to leverage technology to streamline their operations and widen their portfolio. We have already made substantial investment in the pre-incorporation stage towards technology and market prioritization," said Sanjay Kaul, founder and chief executive officer, LMCE.
Former chairman of Impact Group of Companies, Kaul launched B2B aggregation platform for brands Last Mile Channel Enhancement (LMCE) earlier this year, which operates its proprietary mobile application Xpand.
“Xpand is built on three core fundamentals - ‘where to play, how to play, and digital disruption’ across the value chain - the app analyzes, predicts, and recommends consumer behavior. The process is based on the data collected from 2.5 lakh rural stores to brands, distributors, and local kirana stores," Nikhil Kaul, chief operating officer (COO), LMCE.
The Xpand platform plans to reach 16 states, 30,000 villages, and over 3 lakh retailers by 2023. It further plans to strengthen its hold in rural India by expanding to at least 18% of kirana stores and scaling up to 33% of the total potential by 2025, Kaul said.
MINT PREMIUM See All
Never miss a story! Stay connected and informed with Mint. Download our App Now!!