Comments
City-based TenderCuts, an omnichannel meat and seafood brand, has raised ₹110 crore ($15 million) in a round led by Paragon Partners, a mid-market PE fund, with participation from NABVENTURES, an agri-food tech VC fund backed by NABARD.
The funding will allow TenderCuts to expand its current operations and pursue organic and inorganic growth opportunities. The funds will also allow the company to invest in scaling up its supply chain and technology infrastructure to support innovation and accessibility of its products and services, says a company press release.
Also read: Funding outlook seen bright for agritech in 2021
Also read: Nabard announces ₹ 700-cr venture capital fund for agri, rural startups
In 2016, TenderCuts began its operations with one store in Chennai with one category — chicken. Today, it has 25 stores across Chennai and Hyderabad and offers chicken, mutton, seafood, marinades, pickles and eggs under one roof. TenderCuts also offers fresh meat at customers’ doorsteps within two hours of it first being cut, the release said.
India’s meat and seafood market is worth $100 billion in size. However, over 95 per cent of the market is unorganised. The organised meat segment has seen a rapid acceleration of business during the pandemic, driven by an increasing number of people focussing on quality, health, hygiene, and convenience, the release said.
Nishanth Chandran, Founder and CEO, TenderCuts, said this investment will help the company enter new markets and further establish the omnichannel network.
Siddharth Parekh, Co-Founder and Senior Partner, Paragon Partners, said TenderCuts has an opportunity to leverage its robust supply chain of farmers and fishermen and its omnichannel strategy to efficiently cater to the mass market.
According to Dr GR Chintala, Chairman, NABARD, and NABVENTURES, “Our investment in TenderCuts is a testament to NABVENTURES’ commitment to give a big push to start-ups operating in the agri and allied space in India. We believe that TenderCuts’ omnichannel strategy gives it a clear edge over online-only/store-backed retail players.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.