Startup Funding – Fresh from the Farm: There is no telling how much potential there is in the food-agriculture sector in India. And over the past few years, many startups have been trying to explore these possibilities and they seem to be succeeding.
Delhi-based food-agriculture startup Fresh From Farm has now raised ₹3.2 crore in its seed funding round. This investment round for the company was led by Inflection Point Ventures.
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According to the company, the funds raised will be used for team strengthening, inventory management, research and development and branding etc.
Fresh From Farm was started by Rohit Nagdewani. The company sells products such as fruits and vegetables under private label, which also helps increase the production of fruits and vegetables through data-based analytics.
Interestingly, the startup, on the one hand, helps customers buy fresh and quality fruits and delivers them to their doorsteps, while on the other hand, it claims to increase the revenue of sellers by around 13%.
In fact, according to the company, it strives to maintain a supply-demand balance by reducing fruit wastage at the merchant level, which directly benefits both consumers and sellers. The company provides facilities in both online and offline mode.
According to an estimate, in the next 15 years, the total size of the fruit and vegetable related market will exceed about $500 billion.
The company is on track to achieve 30X growth and 1,000+ sales points in the next 12-15 months. According to the company, it has made a profit of up to ₹78 lakh in FY2022 and is also working towards improving its fruit and vegetable business margins.
In India, the company is seen competing directly with rivals like Otipy, Bigbasket and Blinkit.
Commenting on the investment, Rohit, founder of the firm Fresh, said;
“Our artificial intelligence (AI) based system enables accurate quantity prediction of fruit etc. with an accuracy rate of 89%. Through this we have been able to bring down product wastage to 2-3%, as against the market standard of 20-22%.
“But it doesn’t stop there, we aim to achieve an accuracy rate of up to 95% in the next 18 months.”
Vinay Bansal, Founder, Inflection Point Ventures said;
“Consumers across the country are becoming increasingly aware of what they are eating. Where to get it? And how much nutrition is in it?”
“But it’s also true that today, farmers and retailers face many supply chain challenges that result in millions of tons of perishable produce being lost every year. Hence, farmers, retailers and consumers all benefit from adopting this company’s technology-based solutions.”