Agri-tech start-up Farmers Fresh Zone on Thursday said it has raised Rs 6 crore in pre-series A round through existing investors led by Indian Angel Network (IAN). Malabar Angel Network and Native Angel Network also participated in this round of fund raise, the company said in a statement. The company, which has so far raised Rs 8.5 crore, is eyeing to raise a USD 5-million Series-A round and has engaged an investment banker for the purpose, it added.
The Kochi-based start-up will use the fresh funds to expand to cities across southern India, hire new talent, develop infrastructure, and strengthen the research and development. Recently, Farmers Fresh Zone has expanded operations to Tamil Nadu and now has a presence in Kochi, Trivandrum, Kottayam, Trissur, and Coimbatore. The start-up aims to improve the health and wellness standards of the consumers by providing them access to safe-to-eat, pesticide-free fruits and vegetables.
Farmers Fresh Zone founder and CEO Pradeep P S said, “We are building a supply chain that offers a superior customer experience. We ensure our customers get safe-to-eat and pesticide-free products, and that our farmers get the right rates for their produce. We are grateful to have received this Rs 6 crore funding from marquee investors.” He added that the company is thankful to the Kerala Start-Up Mission that played an important part in anchoring this deal.
Going forward, the company aims to emerge as the No. 1 player in the premium fruits and vegetable segment of southern India, with key focus in offering health and wellness-based products, Pradeep added.
Pingback: Venture capital firms infuse over USD 260 mn in Indian startups