Gurugram-based dairy and whole food brand NutriMoo on Monday received an equity funding worth more than $1 Mn from IndoCan Honey Pvt ltd, a north India-based honey exporter company.
Owned by Credence Whole Foods, NutriMoo operates and sells dairy and whole foods products in Gurgaon/NCR Region. The company offers traditional products and multiple variants like cow milk, buffalo milk, cow ghee, desi ghee, yoghurt, honey etc.
With the investments, the company has set up plans to market its products through its distribution network comprising of an in-house dedicated team, distributors, and agents along with supermarts and large grocery formats.
Founded in 2016, NutriMoo is currently looking for expanding its business to other cities as well. As a strategic investor, IndoCan will help them fund their expansion plans along with investing in crucial product expansions and backward linkages.
Amit Sharma, cofounder and director, NutriMoo said, “Since launch, our business has been growing at a trailblazing pace. It’s clearly a testimony to our core vision which is obsession over quality and freshness that has paid off. Our customers deserve the best products and it’s our mission to ensure that.”
The company has a captive processing plant at Baghpat, Uttar Pradesh, with a processing capacity of 50k litres milk per day. In a press statement, NutriMoo informed that they are currently retailing through exclusive outlets, android and iOS apps, and leading online shopping/grocery platforms such as Swiggy stores, Amazon and Flipkart. Moreover, discussions with other online ordering platforms such as BigBasket, Grofers, Dunzo, etc. are in progress.
The press statement also claims that company provides fresh milk that is direct from farms to homes within 48 hours, eliminating middlemen. “Everywhere we are deeply invested in ensuring quality across our supply chain,” Sharma informed.
Milk Delivery Startups Bagging It Big
In the recent past, investors have started to shift their focus on milktech startups. Gurugram-headquartered hyperlocal delivery startup Milkbasket in July raised $2.17 Mn debt from Innoven Capital. This effectively closed the company’s Series B funding round at $12.7 Mn.
The micro delivery startup in September also went in advanced talks with private equity funds to raise $50 Mn in Series C round, according to a TechCrunch report. However, as of now, there have been no updates on Milkbasket’s raising plan.
Venture capital firm Matrix Partners in February led an INR $9.8 Mn equity financing round in another Gurugram-based milk delivery startup Country Delight.
However, everything hasn’t gone all well for milktech startups. Bengaluru-based startup Doodhwala on October 14 discontinued its services due to unforeseen circumstances. In an update on its website, cofounder and CEO Ebrahim Akbari said that FreshToHome via FTHDaily will continue to service Doodhwala’s customer base in Bengaluru.