Zoofresh Foods Private Limited, which runs business-to-business (B2B) supplier of fish and meat products FreshR, announced on Thursday that it had raised seed funding of $1.2 million (about Rs 9.24 crore) co- led by Axilor Ventures and 1crowd.
The New Delhi-based platform plans to roll out the new revenue to expand its geographical presence, grow the technology vertical and grow its team.
Founded by Ambika Satapathy and Sadananda Satapathy in 2016, FreshR uses a combination of operational efficiency and technology integration to aggregate a highly fragmented national demand base and ensure the quality, variety and security of high-value transactions for its customers. , the company said in a statement.
The business is poised for exponential growth, with the target of hitting around ARR$50 million by the end of FY23, he added.
“The Indian meat industry, of which general trade and HORECA constitute the largest segments, suffers from fragmented demand, high perishability and opaque and underinvested supply chains. to poor product quality and massive waste.Our vision is to organize the domestic market by using technology to meet this fragmented demand and by investing in world-class infrastructure to manage supply and distribution throughout India,” Satapathy said.
“FreshR’s full-stack model and digital footprint are key to increasing their relevance to their buyers and distributors. The platform has been able to achieve above-industry growth while maintaining healthy contribution margins,” said Prachi Sinha, Head of Transactions at Axilor.
The company also launched an app earlier this year which is a one-of-a-kind resource used to standardize prices and qualities for the industry and allows wholesale buyers across India to place orders and track processes. quality.
“Ambika and Sadanand are quintessential entrepreneurs who have built a solid business that targets the meat and fish supply chain industry by bringing high quality standards, transparency and financial access to different value chain stakeholders. Their technology leadership model helps integrate a highly fragmented industry, bringing significant efficiencies in creating temporal and spatial utility for highly perishable products,” said Natasha Kothari, Partner at 1Crowd.
FreshR previously raised a pre-seed round from Villgro, Upaya Social Ventures, Beyond Capital Fund and other early-stage backers.
Meanwhile, Bengaluru-based seed fund Axilor Ventures was founded by Infosys co-founders Kris Gopalakrishnan and SD Shibulal. The fund has invested in startups including Emitrr, eShipz, Peer Robotics, Helicrofter, BizzTM, Clergo and SuperBeings.
Mumbai-based 1crowd is a crowdfunding platform that connects investors with a slew of promising startups and start-ups.
The broader fish and meat space has gained traction with a large number of investors over the past couple of years.
Last year in February, TenderCuts, an omnichannel meat and seafood provider, raised Rs 110 crore ($15 million) in a round led by local private equity firm Paragon Partners.
In 2020, Infifresh Foods Pvt. Ltd, which operates seafood-focused B2B startup Captain Fresh, raised $2.3 million (Rs 17.2 crore at current exchange rates) in pre-Series A funding.