Frendy Bags Rs 2 Cr Debt To Expand Tier III Network

FRENDY, a tech-enabled small format grocery chain targeting Tier III cities and beyond, has raised Rs 2 crore in working capital credit from UC Inclusive Credit (UCIC), the NBFC arm of Unitus Capital.

 The funds will support central inventory needs for its network of Frendy Marts and Micro Kiranas in Gujarat.

Abhijit Ray, Managing Director of UCIC, commented, “UCIC provides loans to companies led by strong founders and supported by reputed investors. Frendy, promoted by visionary and highly experienced founders, has been catering to the needs of micro and small entrepreneurial ventures in Tier 2 & Tier 3 cities of India and hence UCIC is proud to partner with Frendy’s team.”

Founded in 2019 and based in Ahmedabad, Frendy was established by Sameer Gandotra, an MBA from Wharton, Harshad Joshi, a graduate from ISB and IRMA, and Gowrav Vishwakarma, a serial tech entrepreneur. Frendy operates 25 marts and 2,000 micro Kiranas across rural Gujarat and aims to scale to 100 marts and 3,000 micro Kiranas in the next 12 months.

Sameer Gandotra, Founder and CEO of Frendy, stated, “As we aim to scale our business 4x, we intend to raise equity and expand our credit lines. Having a lending partner in UCIC adds additional operational and financial discipline which is always good for early-stage startups.”

Frendy’s Marts are digitally connected to a cluster of micro-kiranas, allowing it to build a last-mile digital commerce bridge to serve rural consumers. The company has introduced fast food, beverages, bakery items, and children’s entertainment at its marts, which has shown positive results.