Fingerlix has Raised 63 Crore from Series C Funding
Fingerlix is a Pune-based food brand comprising a range of ready-to-cook products like batter, paratahas, Upma Mix and Biryani Mix, among other items. The firm was started in 2015 by Shree Bharambe and Shripad Nadkarni, it is currently operating in cities such as Mumbai, Pune, Delhi NCR, Hyderabad, Chennai and Bangalore.
In February, Swiggy‘s parent firm Bundl Technologies has funded $4.4 million (INR 31.2 crore) in ready-to-cook food startup Fingerlix as part of its ongoing Series C round of funding. Swiggy has obtained 9% of shares in Fingerlix. The parent company of Flingerlix, Maverix Platformms Private Ltd, issued 20,65,542 cumulative convertible preferance shares to Bundl Technologies.
The minute-made food startup which is raising its Series C round of funding has also cleaned up funds from its existing investors such as Zephyr Peacock and Accel Partners. The startup has raised $9.08 million (INR 63 crore) in the recent round and the firm has generated overall $19 million (INR 135 crore).
The co-founder of Fingerlix Shripad Nadkarni said, “Ready-to-eat food is a fast raising and remarkable part given the fast-moving lifestyles of city millennials. The present round will guide us place this coming up consumer section through multiple channels.”
According to reports, Fingerlix was targeting at strengthen and had clocked sales of about 6,000 units per day, reaching over $1.8 million (INR 12 crore) in an year revenue and the amount is undisclosed. Last year, The startup had raised $1.2 million (INR 8.5 crore) from venture debt firm Alteria Capital, it is also one of current investor in Swiggy. Both, Swiggy as well as Fingerlix has a common investor in Accel Partners.
Bangalore-based company Swiggy is a food delivery giant, it has been on a spree since 2018. By joining Unicorn Club, Billion dollar funding, and new partnerships and products expansions. Swiggy has recently announced its debut in hyperlocal service market of groceries and household goods, Swiggy stores. Now, they are seen putting their hands into ready-to-cook market as well.
The Chief operating officer of Swiggy, Vivek Sunder said,”We are dedicated to raise the quality level of consumers by making their lives more appropriate. Fingerlix under the guidance of Bharambe and Nadkarni has set up a beloved brand with a distinctive model of production which we trust will free up a new class of benefits for users.”
The FIngerlix future target is to be an essential part of the everyday taste eating wisdom in among Indians. With the recent investments, Fingerlix is an evidence of the growing food and beverages market in nation as the it is estimated to touch $46 billion by 2020. The total market for ready-to-cook products is increasing with a compound annual growth rate of 19.60% in last five years. It is expected to touch $754 million (INR 5,000 crore) by late 2022.
“From fresh ready-to-cook items such as parathas, curries and dals, Our company makes sure that all ingredients added into the products are fresh and authentic. The food that comparibily is as good as the home-cooked food. Out main target are working and non-working millennials, living in major big cities. These people have a fast life and they are looking for some smart solutions to balance health and work,” Shree Bharambe said.
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