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Delhi-based Vegfru, an online B2B marketplace for fruit and vegetable trade, has raised an undisclosed amount of funding from Wingify, a website performance testing startup.
Founded in 2009, Field Fresh Vegfru Pvt. Ltd. started working to strengthen fruit and vegetable trade by offering producers, wholesalers, and retailers a long-term partnership.
Vegfru aims to create a virtual world where anyone can freely trade products and services related to fruit and vegetables irrespective of geographic, cultural, regulatory, and logistical boundaries.
How it works:
As per the company, the fresh produce trade has remained underserved by technology so far because of the trade complexity (read long chain of intermediaries, perishability, opacity, price volatility, liquidity, lack of standardisation etc), trade barriers of various kinds (trust and quality assurance, apart legal and regulatory aspects), insufficient information on product & service availability, infrastructure bottlenecks and lack of right knowledge at the right time and place. The company is aiming to resolve those problems.
Paras Chopra, founder of Wingify, said, “The startup sees over 60 orders a week and functions on a subscription-based model, charging a service fee ranging 4-5% per transaction.” He further added, “There is a lot of potential for growth in this space, the size of this category could run into a few million dollars.”
Currently, the startup has over 5,000 suppliers and buyers on the portal and focuses on taking care of the logistics and packaging services. Its customers include Microsoft, GE, Mitsubishi, Lenovo, Dominoes, etc.
Vegfru is focusing on creating a pan India presence, and is considering forging partnerships with startups like Grofers and other firms.
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