Haryana-based convenience store chain AMPM has raised ₹16 million from Agility Venture Partners, the company said in a statement on Tuesday.
Currently, the chain has a limited play in the state with AMPM present only in five cities — Karnal, Panipat, Gurugram and Yamunanagar. It plans to expand to more cities by end of 2021.
The stores are modelled around Japan’s 7-Eleven chain of convenience stores that are open 24 hours a day. The stores for now sell products across categories like grocery, bakery, confectionery, stationery, pharmacy and packaged food and beverages. 7-Eleven too is set to open stores in India along with local partner Future Group whose retail business has been acquired by Reliance Industries Ltd.
“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 over 15 cities in the next year,” said Shubham Gupta, founder and managing director, AMPM store.
Agility Venture Partners is a New Delhi-based fund backed by a group of 440 investors across five chapters in India and Dubai.
The stores also have a 24-hour live kitchen cafe with a sit-out, along with delivery.
Homegrown 24Seven, part of Modi Enterprises, too operates convenience format stores in Delhi-NCR which are open 24 hours.
