SUMMARY
D2C brand Floryo has secured $2 Mn in its Pre-Series A funding round led by 3one4 Capital
Of this, $1.6 Mn funding has been raised via equity financing while the remaining $400K as debt funding
Floryo will use the funds to expand the product line, widen its geographical footprint and strengthen its brand-building strategies
D2C brand Floryo has secured $2 Mn in its Pre-Series A funding round led by 3one4 Capital. Of this, $1.6 Mn funding has been raised via equity financing while the remaining $400K as debt funding.
Vivek Gupta and Abhay Hanjura from Licious; Kunal Shah from CRED; Aman Gupta and Sameer Mehta from boAt; Varun Alagh from Mamaearth; Rishi Vasudev from G.O.AT Brandlabs and Vijay Arisetti from MyGate also participated in the equity funding round. Meanwhile, Alteria Capital infused $400K in a debt financing round.
Floryo will use the funds to expand the product line, widen its geographical footprint and strengthen its brand-building strategies.
“We are excited to partner with Manohar and his team as they build out Floryo. Floryo’s mission to provide fresh alternatives for daily nutrition consumption is quite an exciting one and we are privileged to be partner in their journey,” said Nitya Agarwal, vice president at 3one4 Capital.
Founded by Manohar Kumar, Floryo sells freshly produced Indian staple products, particularly wheat flour via its platform. It offers different types of whole grain flours such as functional multigrain flours, customised multigrain flours, and gluten-free multigrain flours, among others. It also allows customers to customise their wheat flours.
To help customers understand their dietary needs, the startup also offers online consultations from nutritionists. Besides, it has a manufacturing unit that processes and packs staple products.
“At Floryo, we strongly believe that in food, freshness is a crucial marker of quality that precedes all other attributes. Moreover, when it comes to nutrition one size doesn’t fit all. Hence customization of food for individuals based on health and dietary needs. We are committed to work on product innovations with the help of technology to revolutionize the packaged food industry,” Kumar said.
Floryo asserts to have over 40 stock keeping units (SKUs) of freshly processed flours. Once a customer places the order, the startup claims to deliver products to the customer’s doorstep within 24 hours.
In the D2C segment, it faces competition from the likes of Chakkizza and Natraj Attachakki.
According to an Inc42 report, the Indian D2C market is projected to touch the $100 Bn mark by 2025. Meanwhile, another report states that the F&B market, which is a sub-sector of the D2C industry, is likely to become a $156.25 Bn market by 2026.
