Karthik Gurumurthy, former head of Swiggy’s e-commerce unit (Mall), has secured $3 million in funding for his new offline retail startup, Convenio.
The funding round is led by Matrix Partners India, with a $2 million investment, and contributions from a group of angel investors.
Convenio aims to focus on the fresh produce segment in the offline retail space, adopting a low-cost physical store model similar to Aldi in Germany and other parts of Europe.
Gurumurthy's mission for Convenio is to address the consumer problem of providing good quality fresh fruits, vegetables, dairy, bakery, etc., at affordable prices in India.
During his time at Swiggy, Gurumurthy played a crucial role in developing Swiggy Instamart, the company’s quick-commerce division specializing in groceries and other items.
Matrix Partners India, known for backing successful startups like Ola Electric and Razorpay, is making its second investment in a senior executive leaving a large startup to start a new entrepreneurial venture.
The trend of seasoned executives transitioning to founders is on the rise, and venture capital firms recognize the value of supporting these individuals for their expertise in building businesses and attracting top talent, making their entry into entrepreneurship smoother.
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