Krimanshi Feeds, a startup working in the animal nutrition sector, has raised its first round of institutional funding, a top executive told VCCirlce.
Rajasthan Venture Capital Fund (RVCF) has invested Rs 5 crore ($682,700) in Krimanshi Feeds, said Nikhil Bohra, founder and CEO of the Jodhpur-based startup.
Krimanshi Feeds, which is operated by Krimanshi Technologies Pvt Ltd, will use the fresh capital to set up its own feed production plants and scale up waste upcycling capacity.
Part of the funds will also be deployed to build a strong sales team and distributor network in Rajasthan and Bengaluru and venture into poultry and fish feed ingredients.
It had previously raised funds from incubators like Social Alpha, Villgro and Startup Oasis (CIIE), said Bohra.
Krimanshi Feeds was founded in 2015 by Bohra and his father Krishan Kant Bohra, who is chief operating officer.
The startup converts food and agri waste into high-performing cattle feed ingredients and balanced cattle feed products. Nikhil Bohra explained that the startup collects food, fruit and vegetable remains from agro-hubs and food processing industries and transforms them into fodder and feed raw materials.
The company has developed proprietary processes to treat these wastes or residues in order to retain their natural minerals and vitamins.
"Our primary beneficiaries are the low-income dairy farmers who are always on a hunt for cheaper feed alternatives," he added.
The startup is currently catering to over 1,500 dairy farmers every month and retailing at more than 200 counters in western Rajasthan. The organised Indian cattle feed market is estimated at Rs 35,200 crore which is only 20% of the total market, noted Nikhil Bohra.
Prior to launching the startup, Nikhil Bohra worked in programme management, training and monitoring and evaluating with social enterprises and NGOs under projects from European Union and other donor projects. His father has over 30 years of experience working in chemical testing, production and project management.
Rajasthan Venture Capital Fund
Rajasthan Venture Capital Fund, which is managed by Rajasthan Asset Management Co Pvt Ltd, focuses on early-stage investments and regional economic development. It is currently investing out of its third fund. IT/ITES, healthcare, food processing, logistics and education are the focus areas for the fund, according to its website.
In June, the fund participated in the funding round of its portfolio firm WoodenStreet, which sells custom-made wood furniture at various price points.
The fund’s other bets include Direct Create Private Limited (DC), an online and offline B2B marketplace for artisans, designers and buyers; enterprise security firm Aujas Networks; and B2B e-commerce firm Wholesalebox.