Maverix Platforms Pvt. Ltd, which runs ready-to-cook food brand Fingerlix, has raised $7 million (Rs 45 crore) in a Series B round of funding from Accel Partners and existing investor Zephyr Peacock India.
The company said it will use the money to launch its services in Bengaluru, Hyderabad and Chennai, and expand its footprint further in Delhi-NCR, after capturing significant market share in Mumbai, Pune and Delhi.
Fingerlix, which makes ready-to-cook products such as batters, mixes, curries, lentils and paranthas, will also be expanding its product offerings, including Upma Mix, Biryani Mix and Puran Poli. It claims to use authentic ingredients, and allows users to customise the dishes to their taste.
“We are delighted to partner with Accel, and further strengthen our association with Zephyr Peacock. We look forward to working closely with them in the areas of analytics, widening of our distribution channels and expanding our presence across high-demand geographies,” Fingerlix co-founder and CEO Shree Bharambe said in a press statement.
Bharambe told The Economic Times, which first reported the development, that the company was looking to set shop across top 10 Indian cities before expanding its operations to overseas markets. It is also working on artificial intelligence-based solutions to streamline its supply chain and improve demand forecast.
“Fingerlix is trying to solve the growing need for healthy and tasty cooking at home, a vision we believe in and with a team that can solve it better than anyone else,” said Prayank Swaroop, principal, Accel Partners.
The company has so far raised $9.7 million across three rounds. In April, it had raised $3 million in a Series-A round from Zephyr.
Fingerlix was founded by Bharambe, Shripad Nadkarni, Varun Khanna and Abhijit Berde. Bharambe and Nadkarni, both from IIM-Bangalore, and Khanna, an alumnus of Jamnalal Bajaj, had previously worked at MarketGate Consulting. Berde had stints in the ITC group of hotels, The Oberoi Hotels, BJN restaurants, Kingfisher Airlines and Indian Cuisine Gate Gourmet as a chef.
A few ventures in the broader food-tech space have recently raised funding. For instance, restaurant reservation startup EazyDiner Pvt. Ltd, founded by media personality Vir Sanghvi along with a group of hoteliers and restaurateurs, had raised Rs 30 crore ($4.6 million) in a Series B round.
In July, Monkeybox, which delivers meals to school children in Bengaluru, had raised an undisclosed amount in a pre-Series A round from existing investor Blume Ventures. Food ordering and restaurant discovery platform Zomato Media Pvt. Ltd, too, is reportedly in talks with Ant Financial Services Group to raise $100-200 million.
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