Latest News | Food Startup FairPlum Raises USD 2 Mn from Unicorn India Ventures, Others

New Delhi, Mar 28 (PTI) Food startup FairPlum on Monday said it has raised USD 2 million (around Rs 15 crore) in a funding round led by early stage focused VC, Unicorn India Ventures.

Other investors in the seed fund round include Unilever Vice President - R&D Vivek Sirohi; Agri-Bazaar Co-Founder & CEO Amith Agarwal; Dinshaw Family Office and Anisha Subandh, the company said in a statement.

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The funds raised will be used for marketing and brand building, enhancing people skills, improvement of organisation facilities and boosting working capital, it added.

Besides, the startup plans to set up 100 cloud kitchen locations, a physical experience centre and 5-10 kiosks in 2022 starting from Delhi-NCR and Mumbai.

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FairPlum was founded by ex-Unilever executives, Rupesh Agarwal and Mitesh Thakkar, along with food and beverages specialist Mayank Tandon.

It said it is working with regional authentic and heritage food brands to make "nostalgic dishes" available to consumers using food technology, food science and a supply chain network of cloud kitchens.

"We will use the fresh funds to improve consumer experience with innovations in technology and upgrade the infrastructure with expanding the platform to other strategic territories," FairPlum Founder & CEO Rupesh Agarwal said.

Commenting on the company's investment in the startup, Unicorn India Ventures Managing Partner Anil Joshi said,"The food industry is undergoing a significant revolution especially with its creativity, innovation and cutting edge technologies. We saw a strong pipeline of user base and business traction addressing food nostalgia which is why we decided to invest in them further."

FairPlum's ability to adopt the changing trend driven by technology has made the world closer to the consumer. Today, the consumer wants what they see and with immediate fulfilment, Joshi added.

At present, FairPlum said it operates in 17 locations and has confirmed 10 more cloud kitchen locations.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)