[Funding alert] Food startup Fingerlix raises Rs 14 Cr in fresh investment round
Mumbai-based startup Fingerlix raised funding of Rs 14 crore, led by its existing investors, including Accel, Zephyr Peacock, Swiggy, RB Investments.
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,
, 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.
![Funding](https://images.yourstory.com/cs/2/b87effd06a6611e9ad333f8a4777438f/Imaget78r-1585817065382.jpg?fm=png&auto=format)
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
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
, 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)