[Funding alert] Food startup Fingerlix raises Rs 14 Cr in fresh investment round
Mumbai-based Fingerlix, a ready-to-cook startup, has raised nearly Rs 14 crore in a fresh funding round, led by its existing investors, including Accel, Zephyr Peacock, Swiggy, and RB Investments.
According to regulatory filings, Fingerlix allotted compulsorily convertible preference shares at Rs 501.08 per share. Following this funding round, the startup's valuation stands at Rs 337 crore.
The regulatory filings reveal that Accel India and Zephyr Peacock have infused Rs 4.5 crore each while Swiggy’s parent Bundl Technologies has invested Rs 3.5 crore. The Singapore-based RB Investments has invested Rs 1.8 crore.
Prior to this funding, Swiggy also led a Rs 31 crore Series C round in the food startup.
Fingerlix was founded by Shrikrishna Bharambe, Shripad Nadkarni, Varun Khanna, and Abhijit Berde in 2016. The startup provides ready-to-cook products such as batters, mixes, curries, dals, parathas and fully-ready accompaniments. It also lets clients customise dishes to their taste.
In October 2017, Fingerlix had raised Rs 45 crore in a Series B round from new investor Accel and existing investor Zephyr. It also secured money from venture debt firm Alteria Capital Advisors.
According to market estimates, the ready-to-eat and ready-to-cook food markets in India stood at $261 million in 2017 and is projected to grow at a compounded annual growth rate (CAGR) of 16 percent in the period between 2018 and 2023 to touch $647 million.
According to a study by RedSeer Consulting, the ready-to-cook (RTC) market is segmented into non-frozen and frozen RTC products with the frozen taking a bulk share of the market at present.
However, non-frozen RTC is expected to grow at a faster pace compared to frozen RTC food and the mix of frozen and non-frozen RTC is expected to evolve from 73-27 percent in 2019 to 70-30 percent by the year 2024.
(Edited by Saheli Sen Gupta)