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Indian Angel Network and Infosys co-founder Kris Gopalakrishnan have co-invested in FreshWorld, a start-up into fruits and vegetables (FnV) retailing. The quantum of investment was not disclosed.
The investment was led by IAN investor Nagaraja Prakasam who also joins FreshWorld board, the angel investors’ network said in a statement.
FreshWorld retails FnV through a ‘street vending’ format, using battery-operated carts.
"FreshWorld is in line with my vision of supporting sustainable technologies in solving problems. I feel this is the next-level disruption in the FnV industry and we expect to see a lot of growth in coming years. I hope to see more ‘Green Carts’ dotting Bangalore and many more cities soon,” said Kris Gopalakrishnan.
“This investment will enable us in expanding the business and increasing the reach and scale of FreshWorld’s retail network. We are looking to upgrade the current model of our carts, strengthen our technology piece and also plan to foray into an organised retail store format for the Fresh Category only,” said Rajiv Rao, founder & CEO of FreshWorld.
FnV industry in India accounts for about $72 billion, which is about 15.3 per cent of the total retail industry.
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