Mumbai-based startup in the ready-to-cook space Fingerlix has raised a fund chest of Rs. 45 crore from Accel Partners. The company’s existing funders Zephyr Peacock has also participated in this current round of funding, reports Economic Times.
Currently operating out of Mumbai, Pune and NCR, Fingerlix has raised, in all, Rs. 63 crore so far, this being the third round. The startup is in its consolidation phase and will expand its footprints beyond the geography being serviced now. The funds raised in this round will go largely towards this purpose.
Fingerlix has one kitchen operating in Mumbai and another one under completion in NCR and is expected to be commissioned soon. Immediately on its sight are Bangalore, Hyderabad and Chennai and they may have to build one more kitchen in the South to cater to the markets there.
With all three kitchens functioning the company expects to cover a majority of the proposed markets they will be operating in. The medium-term objective is to be present in around top ten cities in India foray into the international arena as well.
The food company has 15 distinct products or SKUs in its portfolio and this includes fresh batter, which forms 50% of the volume. There are plans to review this and add more items, like snacking, which is seen as having a high potential in the market. Fingerlix is also using technology, like artificial intelligence in areas like supply-chain and demand forecast and on cutting down on wastage and so on.
For Accel Partners, this is the first time it is making an investment in the food sector and they see merit in the business model being pursued by Fingerlix.