Integrated supply chain and finance platform Ayekart Fintech, which counts Caspian debt and Siply as among its investors, on Thursday said it has picked up a minority stake in Nature's Fresh Express, a supplier of exotic fruits and vegetables.
However, the company did not disclose the details of the financial transactions.
The investment will help the company in strengthening its product portfolio as well as expanding its retail offerings while supporting the growth of Nature's Fresh Express, Ayekart said in a statement.
The Mumbai-based company added that the investment will help it to tap into Nature's Fresh Express’ extensive network of farmers and other stakeholders in the country’s vegetable market.
"With its expertise in producing and supplying exotic vegetables, Nature's Fresh Express has the potential to transform the vegetable market in India," said Debarshi Dutta, chief executive officer (CEO) And co-founder of Ayekart Fintech.
Founded in December 2020, Ayekart operates an integrated supply chain and finance platform. It looks to solve the challenges faced by SMEs and MSME as well as retail businesses that have struggled to be a part of the digitized supply chain.
The company raised around Rs 37 crore ($4.8 million) from Caspian Debt and Siply in a mix of debt and equity funding round in September last year. It has also bagged $750,000 in a seed funding round from a consortium of angel investors in October 2021.
In the financial year ending on March 31, 2023, the startup reported a gross traded value exceeding Rs 650 crore. Operating across more than 130 pincodes, the startup has offices in Jaipur, Pune, and Araku.
On the other hand, Nature's Fresh Express is a Pune-based company dealing in various exotic vegetables. The company, which was founded in 2005, operates based on organized farming across the country. It has partnered with more than 1000 farmers to date, and its customers include Godrej Nature Basket, CCI, Pizza Hut, Tacobel, Subway, TFS KFC, BOX8, Haiko Supermarket, and many more.
The company claims to have an extensive network spanning five states—Maharashtra, Gujarat, Goa, MP, and Kolkata. It is looking to soon establish its presence in Bangladesh and Sri Lanka.