Former Swiggy CEO Karthik Gurumurthy has raised $3 million from Matrix for a new startup

Funding Alert

Karthik Gurumurthy, former head of Swiggy’s e-commerce unit (Mall), has successfully raised $3 million in funding for his new offline retail startup, Moneycontrol reports. The funding round is led by Matrix Partners India with an investment of $2 million, supplemented by contributions from a group of angel investors.

Gurumurthy’s latest venture, tentatively named Convenio, marks a departure from his previous role at Swiggy, aiming to delve into the offline retail space. The startup is expected to focus on the fresh produce segment, similar to the low-cost brick-and-mortar store model used by Aldi in Germany, the UK and other parts of Europe.

In a recent LinkedIn update, Gurumurthy shared his mission and said, «(I started my journey to solve the retail category of fresh produce in India – solving the consumer problem of providing quality fresh fruits, vegetables, dairy products, bakery, etc.) at an affordable price.»

During his time at Swiggy, Gurumurthy played a key role in the development of Swiggy Instamart, the company’s fast-casual division specializing in food and other items.

Known for backing prominent startups like Ola Electric, Razorpay and The Whole Truth, Matrix Partners India is making its second bet on a senior executive leaving a big startup to embark on a new entrepreneurial journey. The venture capital firm recently invested in Vivek Sinha’s education startup following his exit as the former COO of Unacademy.

The trend of seasoned executives becoming founders is on the rise, with individuals like former Swiggy CTO Dale Vaz starting his fintech company and raising $7 million from Accel and Elevation.

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