Mumbai-based Fingerlix, a ready-to-cook (RTC) food brand targeted at homemakers, has raised a whopping Rs. 45 crore in funding from Accel Partners. The round also saw the participation of existing investor Zephyr Peacock.
The startup aims to use the money raised to aid its geographical expansion to other cities beyond NCR, Pune and Mumbai where it is currently operational. It is currently looking to expand its footprints to Bengaluru, Hyderabad and Chennai and increase its overall presence in the NCR region.
In total, Fingerlix has raised Rs. 63 crore so far. The 45 crore funding round, which was the largest ever, was the startup’s third round of funding.
“We have one kitchen in Mumbai, which covers the supply for Mumbai and Pune, another is coming up in Delhi and we will also have one in the south. Our sense is that the three facilities will cover the volume for all our cities going forward,” said Shree Bharambe, CEO of Fingerlix in a statement to Economic Times (ET). Bharambe added this is a part of the startup’s strategy to expand to the top 10 Indian cities and then expand to international markets over the long term.
Accel Partners, which has over the year acquired a reputation for investing in consumer internet companies including Flipkart, BookMyShow, BlueStone among others, has been eyeing players in the consumer goods and FMCG space for quite sometime now.
“We have been looking at this category (of food) for sometime but for a slightly differentiated play. There are intellectual properties being built at Fingerlix that enable delivery of ready-to-cook foods with longer shelf lives even while maintaining quality and taste. The underlined product market fit is quite disruptive here as far as we are concerned,” Prashanth Prakash, partner at Accel India said in a statement to ET.
A food startup, Fingerlix provides fresh ‘almost-ready’ food solutions like Batters, Mixes, Curries, Dals, Parathas and ‘fully-ready’ accompaniments to go with them. Their mission is to spread the joy of making great food at home – no matter who you are, where you’re from or what you do.
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