Mumbai-based Greencart Ventures Pvt Ltd, which runs an e-com venture for fresh produce and gourmet food under Greencart.in, has secured $1.5 million (Rs 9 crore) in what us being an angel round of funding from Techno Group. Techno Group has interests in engineering, hospitality, construction, real estate development, financial services and agribusiness.
Greencart will use the money to expand its operations and strengthen its distribution channels. It will also use these funds to augment its sourcing network besides enhancing end user experiences, it said on Monday.
"The fresh produce market in India is estimated at $20 billion per annum and is currently dominated by the unorganised sector. We believe the time is perfect for a company like Greencart Ventures to capitalise upon the market conditions and capture a share of this fast growing market," said Jaydeep Mehta, chairman, Techno Group.
Founded by Rajiv Tevtiya, Kiran Tevtiya and Devidas Mule, Greencart had gone live in 2013 and currently offers more than 1,500 products in over 30 categories. It has products like asparagus, blue berries and various other domestic fruits and vegetables; international and gourmet food items; groceries and imported packaged food; olives, oil and vinegars, among others.
"We have built a team of professionals with in-depth experience in agriculture, technology, distribution and marketing. Our management is directly associated with the agriculture sector. Their backward linkages give us a huge sourcing advantage," said Rajiv Tevtiya adding that the products are currently delivered across Mumbai, Navi Mumbai and Thane and will soon be available in other parts of the country.
Last month, PescaFresh, a seafood e-tailer which seeks to deliver fresh and customised seafood to the doorstep, had raised an undisclosed amount in its seed round from Blume Ventures and Orios Venture Partners.
Other funded players in the same space include BigBasket, EkStop, ZopNow and LocalBanya.
(Edited by Joby Puthuparampil Johnson)