A young entrepreneur has won a six-figure investment from a private equity fund.
Suleman Sacranie won the substantial investment to help him launch 99p Wholesaler.com, which went live earlier this month.
The cash and carry site sells soft drinks to corner shops and independent supermarkets from its office at the De Montfort University Business Innovation Centre.
It will start selling crisps and sweets in the next few weeks before moving into other products such as cigarettes and alcohol.
The investment was overseen by Luton-based Equity Plus Partners, which was launched by partners Atul Devani and Richard Scott in 2008.
Mr Devani said they had brought together a number of investors to put between £50,000 and £100,000 each in the business and take a majority stake.
He would not divulge the total amount, but said the investors included Peter Carpenter, a former director of telecommunications firm One-2-One.
Mr Sacranie already runs a online discount supermarket called 99p Shopper.com, offering food and household products for 99p or less, which secured £100,000 of in-kind help and support from Nottingham web development company Eventure in 2010.
He was encouraged to launch the wholesale website after pitching to Equity Plus Partners at a Dragon's Den type event last year.
He said: "It's been really exciting but a lot of hard work and lots of long hours.
"99p Shopper.com is still going but the main focus now is the wholesale website, where the profit margins are higher."
He said the site offered deals and sourced straight from the manufacturer, guaranteeing the highest quality products.
The 21-year-old, from Uppingham Road, Leicester, quit a chemistry degree at the University of Leicester to go into business.
He said offering an online service meant he could undercut traditional cash and carries because there was no need to pay for store premises and warehouses.
It is also more convenient for customers and the business has a delivery contract with Broughton Astley's Cobley Transport.
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