Vegfru, a business-to-business online marketplace for the trade of vegetables and fruits, has received an undisclosed amount of funding from enterprise software company Wingify.
The startup is currently focused on creating a pan India presence and is considering forging partnerships with startups like Grofers and other hyperlocal delivery firms. The funding received in the current round will definitely help in doing so.
The company’s goal is to create a virtual world where anyone can freely trade products and services related to fruit and vegetables irrespective of geographic, cultural, regulatory, or logistical boundaries.
Founded in 2009, Vegfru started working to strengthen fruit and vegetable trade by offering producers, wholesalers and retailers a long-term partnership aimed at improving profitability in the supply chain for fruit and vegetables on a unique FSC principle: fresh, simple and closer.
As per the company, the fresh produce trade has remained under-served by technology so far because of the trade complexity such as read long chain of intermediaries, perishability, opacity, price volatility, liquidity, lack of standardization, etc. The company is aiming to resolve those problems.
The startup claims to have more than 5,000 suppliers and buyers on the portal and focuses on taking care of the logistics and packaging services.
According to Paras Chopra, founder of Wingify, the start up is witnessing over 60 orders a week. It is functioning on a subscription-based model, charging a service fee ranging from 4% to 5% per transaction. He further said,
There is a lot of potential for growth in this space, the size of this category could run into a few million dollars.
Vegfru is providing various service through its platform, including consultancy, distribution & logistics, packaging, export / import facilitator, machinery and equipment supply, quality assurance and cold storage space.
Wingify is an enterprise software company founded by Paras Chopra in 2010. It is offering two different clod-based softwares – Visual Website Optimizer and PushCrew. It has also acquired two companies so far – Concept Feedback and Navilytics.