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Exclusive: Myntra Co-Founders And Others Back AgriTech Startup DayBox

Exclusive: Myntra Co-Founders And Others Back AgriTech Startup DayBox

Delhi-based AgriTech startup DayBox has raised $104K (INR 70 Lakh) from Ashutosh Lawania (co-founder, Myntra); Rajul Jain (SVP Supply Chain, Myntra and co-founder, Yebhi.com); Badal Malick (ex-VP Omnichannel, SnapDeal); Rishi Gupta (CEO, Fino Paytech Ltd); and six other angel investors.

The startup will use the current funds on fine-tuning its tech product and hiring more people.

Talking about the investment, Myntra co-founder Ashutosh Lawania, said, “I am bullish about the use of technology to disrupt India’s inefficient agri supply chain. Ankush (Goyal) and his team are a passionate bunch of individuals with the right expertise for the task at hand. The rate at which they have implemented technology to streamline supply chain operations is really impressive. I am sure that they will create a very valuable company and impact the lives of millions working in agriculture sector.

DayBox was founded in 2016 by IIT Delhi alumni Ankush Goyal, Raman Kumar, Ashish Bibyan and IIIT Allahabad alumnus Prabhat Kumar. It is a tech-based B2B startup fulfilling the daily requirement of fresh fruits and vegetables of F&B and retail businesses. Its list of customers includes Grofers, Route04, Berco’s, Sattviko, etc.

DayBox is aimed at solving the inefficiencies of fruits and vegetable supply chain in India by leveraging the power of internet and data sciences. The company has entered the supply chain by becoming a wholesaler supplying fruits and vegetables to the businesses like restaurants and retailers which buy them in bulk on a daily basis.

Talking about the journey so far, co-founder Ankush said, “Our revenues are growing at 100% on a quarter over quarter basis, but the key achievement of DayBox lies in the adoption of its technology by the buyers and suppliers of fruits and vegetables. Our product has evolved to a stage where we are managing, tracking and improving the entire day-to-day operations via our tech platforms.”

For the next six months the team will be focussed on strengthening its base in Delhi-NCR. For the next financial year it has identified seven cities, but the exact expansion decisions will be made based on the market conditions and the availability of resources.

Prior to this in April 2016, Delhi-based Vegfru, an online B2B marketplace for fruit and vegetable trade, raised an undisclosed amount of funding from Wingify, a website performance testing startup. In July, Delhi-based fruit and vegetable supply chain startup Lemon Leaf raised $133K (INR 90 lakhs) in first external round of funding.

Author

Aparna Mishra

Inc42 Staff

After a 2-year-stint at Ernst & Young, Aparna moved to Journalism. Her prior experience enables her to understand business management. An avid reader and a traveller she hopes to gain insights on the startup ecosystem at Inc42.

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