In less than six months, Mumbai-based ready-to-cook (RTC) food brand Fingerlix has secured another round of funding but in debt this time. The startup has raised Rs 8.5 crore from venture debt firm Alteria Capital.
In October, Fingerlix had raised Rs 45 crore in its third round of funding from Accel Partners. Existing investor Zephyr Peacock who had earlier led Rs 20 crore series-A round in the foodtech startup also participated with Accel in the last round of financing.
Fingerlix will use the latest proceeds to build production capacity for its existing presence in the country’s top six cities. Besides, it will also use the capital to boost its distribution channel and increase presence in retail and other distribution outlets.
Launched in 2016 by Shripad Nadkarni, Shrikrishna Bharambe, Varun Khanna, and Abhijit Berde, Fingerlix serves a wide range of products like batters, mixes, curries, dals, parathas and ‘fully-ready’ accompaniments to go with them.
With more than 50 outlets and the ready-to-cook food solutions brand, consumers can customise each dish and place orders via Fingerlix Android or iOS app, or website. It began delivering in Mumbai and Pune, followed by the national capital region (NCR) and is currently expanding to southern markets such as Bengaluru, Hyderabad, and Chennai.
The startup is also going to enable artificial intelligence-based solutions to streamline its supply chain and improve its demand forecast to help meet the demand for fresh products regularly while cutting down on wastage.
Promoted by Ajay Hattangdi and Vinod Murali, Alteria Capital, which received approval from the SEBI to float a Rs 1,000 crore venture debt fund last October, had announced the first close of the fund at Rs 356 crore this month.
The duo had played a vital role at InnoVen in providing debt fund to some of the prominent startups such as ShopClues, Byju’s, Swiggy, OYO Rooms, Practo, Snapdeal, and Pepperfry.
The development was reported by ET.