Bengaluru-based food delivery unicorn Swiggy has been on a roll since 2018 — joining unicorn club, billion dollar funding round, and new partnerships and product expansions. After announcing its hyperlocal service, Swiggy Stores, last week, Swiggy is now looking to enter the ready to cook market.
According to the Ministry of Corporate Affairs filing accessed by Inc42, Swiggy has invested $4.39 Mn (INR 31.2 Cr) in the Mumbai-headquartered foodtech startup Fingerlix’s Series C round on February 22.
Founded in October 2015 by Shripad Nadkarni, Shree Bharambe, Abhijit Berde and Varun Khanna Fingerlix serves pre-cooked and frozen food. It provides fresh ‘almost-ready’ food solutions like batters, mixes, curries, dals, parathas and ‘fully-ready’ accompaniments to go with them.
The MCA filings showed that Fingerlix issued 20.65 lakh Series C1 CCPS for INR 481.08 per share and 10 equity shares priced at INR 151.05 each to Swiggy for a 9.96% stake in the company. News of the investment was first broken by data intelligence platform Paper.vc.
The further diversification of MCA filings showed that since the last reported Series B round of Fingerlix, the company has raised multiple rounds of Series B2, B3 and C funding.
Here is a breakdown of Fingerlix’s investors since July 2018:
- Accel Partners – 239K CCPS in Series B2 for INR 12 Cr
- Zephyr – 72K CCPS in Series C2 for INR 4.8 Cr
- IL&FS Trust – 48K CCPS in Series C2 for INR 3.2 Cr
- RB Investments – INR 12 Cr in Series B2 CCPS
- Alteria Capital – INR 96 Lakhs in Series B3 CCPS
With a growing presence in the top six metros, the Fingelix aims to be an integral part of the everyday tasty dining experience in Indian homes. The latest investment in Fingerlix is a testament to the growing food and beverage industry in India, as the market is expected to reach $46 Bn by 2020.
According to “India Ready-To-Cook Market Outlook, 2021”, the total market for ready-to-cook is growing with a CAGR of 19.60% from last five years. It is projected to reach $754.82 Mn by the end of 2022.