FreshWorld, a start-up which delivers fresh products, directly picked up from farms to consumers, has raised an undisclosed amount in its second angel round from Indian Angels Network and Infosys co-Founder Kris Gopalakrishnan.
The startup works on the concept of Fruit and Vegetables retailing (FnV). The retailing is introduced in a distinctive ‘street vending’ format employing eco-friendly delivery mechanisms by using Battery Operated Carts. The investment was led by IAN investor Nagaraja Prakasam who also joins FreshWorld’s board.
Fruits & Vegetable (FnV) industry in India accounts for an estimated USD 72 bn which is around 15.3 % of the total retail industry. In this, the organized sector is estimated at USD 26 bn, just 5.5% of overall retail market in India. This industry is expected to grow four-fold by 2020, fuelled largely by the increasingly growing consumer consciousness towards eating healthy, farm products rather than going along with packed or market food.
Apart from delivering food through ‘Street Vending’, Freshworld is looking to revolutionise the entire delivery process in itself. The start-up uses battery operated carts, or what it calls “smart-carts” to deliver fresh farm products to its customers.
Freshworld founder Rajiv Rao says,
We are delighted by the confidence reposed in us by Kris & IAN. This investment will enable us in expanding the business and increasing the reach & scale of Freshworld’s retail network.
While India has recently seen a rapid surge in the number of startups delivering food via an online ordering model, Freshworld is a unique concept in itself. To start with, the startup delivers products, directly picked up from farms, which is a more preferable choice for me at least, considering the already polluted environment we live in daily.
Moreover, FreshWorld’s unique delivery mechanism, using “smart-carts”, makes the entire model eco-friendly and not just its products.
The startup will use its second angel round to upgrade the current model of our carts, strengthen their technology piece along with a plan to foray into an organised retail store format for the Fresh Category only.
