Delhi-NCR-based cold pressed juice startup, MyGreens has secured upto $1 Mn in its angel round of funding via LetsVenture. The round was led by Ajay Relan, Founder and Chairman, CX Partners. Other investors in the round included Sundeep Bhandari, Director & CEO, Petrodil, and other undisclosed investors as well.
The startup will deploy the raised funds towards expansion and launching new products targeting the Indian market. As per an official statement, the company will be looking to raise their next round in the coming 6-12 months.
Rohan Gupta, co-founder, MyGreens said, “MyGreens is a startup that lies in a very interesting intersection of two megatrends – F&B and health/fitness. This funding will ignite our move into mass market products with strong links to healthy living as we believe that the real advantage India offers is its large and growing middle class that aspires for a better and healthier life. We want to pioneer the clean label movement in India.”
Launched in September 2015 by Anurag Mishra and Rohan Gupta, MyGreens offers a range of 100% raw and fresh cold pressed juices. It claims to have a retail distribution network of over 200 stores. Earlier last month, in March 2017, it acquired rival JustDivine to tackle competition. The startup plans to expand in Mumbai in the coming future.
Commenting on the investment, Shanti Mohan, founder and CEO, LetsVenture said, “The cold-pressed juice industry continues to see exponential growth and investment activity, thanks to increased consumer awareness around health & fitness. MyGreens leverages this trend and is well-positioned to become a global, clean label FMCG brand. MyGreens has a great value proposition, strong competitive positioning and a solid team.”
As per the latest Technopak report, the Indian packaged juices market is valued at $200 Mn (INR 1100 Cr) and is projected to grow at a CAGR of ~15% over the next three years.
In December 2016, Fresh Food Concepts, a cold-pressed juices startup based out in Delhi-NCR secured $2 Mn in a Pre-series A round led by angel investors Siddhartha Gupta and Ashvin Chadha. In April 2017, Mumbai-based packed juice brand Raw Pressery, raised $543K (INR 3.5 Cr) funding from Bollywood’s Jacqueline Fernandez.