Mitra Bags Funding From Bestvantage, Others

SUMMARY

D2C FMCG startup Mitra has raised INR 11 Cr ($1.3 Mn) in its Pre-Series A funding round led by Bestvantage Investments, along with participation from a Dubai-based strategic family office

The company plans to use the fresh capital to propel expansion plans, starting with its newly established manufacturing unit in Mathura and Gurugram

Mitra will also deploy the proceeds to strengthen its supply chain further, explore export opportunities in the European markets and participate in strategic government tenders, including NAFED and Bharat Aata

D2C FMCG startup Mitra has raised INR 11 Cr ($1.3 Mn) in its Pre-Series A funding round led by Bestvantage Investments, along with participation from a Dubai-based strategic family office.

The company plans to use the fresh capital to propel expansion plans, starting with its newly established manufacturing unit in Mathura and Gurugram.

Besides, Mitra will also deploy the proceeds to strengthen its supply chain further, explore export opportunities in the European markets and participate in strategic government tenders, including NAFED and Bharat Aata.

Founded in 2022 by Abhishek Kaushik, Mitra is a consumer brand that produces essential goods such as flour, pulses, rice and spices at affordable prices. The company claims a network of over 300 distributors and more than 15,000 retailers, with operations across 14 key locations.

The Gurugram-based startup is also targeting Tier 2 and Tier 3 cities, where access to affordable, high-quality products is limited.

Mitra said the company posted INR 14 Cr in sales in its year of inception, and it now aims to triple its sales by targeting over INR 35 Cr in the current financial year, representing a 3.5 times growth year-over-year.

Kaushik said, “We are now eyeing to increase the production capacity with new categories and international growth along with the domestic market. We are grateful to our investors for their confidence and support as we embark on this exciting growth trajectory.”

As per Inc42’s data, India’s direct-to-consumer (D2C) market is home to more than 190 Mn digital shoppers, and is the world’s third-largest online shopping base in the world.

This investment comes at a time when D2C brands are peak on acquiring funds to expand their business on a larger scale.

For instance, agritech startup Two Brothers Organic Farms raised INR 58.25 Cr (around $7 Mn) in a Series A funding round led by Zerodha’s investment arm Rainmatter Capital, to support its business growth in India and the US, in June.

Meanwhile, D2C baby food brand Bebe Burp secured INR 8 Cr in a Pre-Series A funding round from Gruhas Collective Consumer Fund in August, with plans to use the fresh capital to expand its footprint in the baby food space.