Credence Whole Foods Pvt. Ltd, a dairy and whole foods startup that operates under the NutriMoo brand, has raised over $1 million (approximately Rs 7.08 crore) in a strategic investment from IndoCan Honey Pvt. Ltd, a business entity that focusses on premium quality honey.
The company will use the funds for market expansion and invest in product and backward linkages, NutriMoo said in a statement. It also plans to market its products through a distribution network that will comprise of a dedicated in-house team and tie-ups with supermarkets and grocery chains.
NutriMoo, which was founded by Amit Sharma and Ajay Yadav in 2016, says it has a captive processing plant in Uttar Pradesh with a capacity of 50,000 litres a day.
The Gurugram-based company is also selling its products through its own mobile applications and other platforms such as Swiggy, Amazon and Flipkart. It claim to have fully fresh, hormone-, preservative- and adulteration-free products. Some of its offerings include cow and buffalo milk, ghee, desi ghee, yoghurt, cottage cheese and several varieties of honey.
IndoCan, meanwhile, says its mission is to inculcate the regular consumption of nutritious products that comply with food standards such as set by regulators like the Food Safety and Standards Authority of India and the United States Food and Drug Administration.
The Delhi-based IndoCan’s products are exported to international markets including in North America, Europe, the United Kingdom and West Asia.
Other players in the dairy segment include Country Delight and Provilac Dairy Farms. In 2016, Brand Capital, the ad-for-equity investment arm of media firm Bennett, Coleman and Company Ltd. invested in Country Delight. Provilac raised Rs 1.5 crore in angel funding in 2015.