Ready-to-cook food brand Fingerlix raises Rs 20 crore in series A
MUMBAI: Ready-to-cook food brand Fingerlix has raised Rs 20 crore ($3 million) from Zephyr Peacock in a series-A round of funding. With this fund raise, the total capital raised by the company has touched Rs 28 crore. The Mumbai-based company is looking to leverage a part of the capital to build on its product line, which currently features 15 SKUs, that includes batters for idli, dosa and vadas, dals, curries, biryanis, chutneys and also to strengthen its team.
“With this latest round of fund infusion, we aim to introduce more offerings and foray into newer cities to a larger customer base,“ said Shree Bharambe, founder of Fingerlix. A part of the capital will be used to further intensify the Mumbai-based company's operations in the city, as also to expand deeper into Pune and launch in Bengaluru by July . The brand has an overall target of spreading to top 10 cities in India over the next 18 months by widening its distribution channels and strengthening regional presence in high-demand geographies.
“Idli and dosa batter is the biggest churner for us forming a little less than 50% of our revenues. Within that, our multigrain batter is our flagship product,“ said Shripad Nadkarni, founder of the company. The expansion of its product portfolio will include an additional 15 SKUs that will be seasonal and regional especially in the area of snacks.
“Our view is that, while modern trade will help position them (Fingerlix) in the market, general trade will be a key driver for this business going forward. It depends on the trade partnerships you have with general trade partners and how you push your products in these stores,“ Pankaj Raina, vice-president at Zephyr Peacock told ET.
Fingerlix currently clocks sales of over 3,000 units per day.
“With this latest round of fund infusion, we aim to introduce more offerings and foray into newer cities to a larger customer base,“ said Shree Bharambe, founder of Fingerlix. A part of the capital will be used to further intensify the Mumbai-based company's operations in the city, as also to expand deeper into Pune and launch in Bengaluru by July . The brand has an overall target of spreading to top 10 cities in India over the next 18 months by widening its distribution channels and strengthening regional presence in high-demand geographies.
“Idli and dosa batter is the biggest churner for us forming a little less than 50% of our revenues. Within that, our multigrain batter is our flagship product,“ said Shripad Nadkarni, founder of the company. The expansion of its product portfolio will include an additional 15 SKUs that will be seasonal and regional especially in the area of snacks.
“Our view is that, while modern trade will help position them (Fingerlix) in the market, general trade will be a key driver for this business going forward. It depends on the trade partnerships you have with general trade partners and how you push your products in these stores,“ Pankaj Raina, vice-president at Zephyr Peacock told ET.
Fingerlix currently clocks sales of over 3,000 units per day.
