FairPlum, a food company founded by former Unilever executives, has raised $2 million in a round led by Unicorn India Ventures
- ByStartupStory | March 29, 2022
Unicorn India Ventures led a $2 million round for FairPlum, which owns online food brands. The investment included a slew of angel investors, including Vivek Sirohi, Unilever’s vice president of R&D; Amith Agarwal, cofounder and CEO of Agri-Bazaar; and the Dinshaw family office.
Rupesh Agrawal and Mitesh Thakkar, both former senior executives at Unilever, and Mayank Tandon, who previously worked at Reliance Retail, Sanjeev Kapoor Restaurants, and Future Group Cloud Kitchens, launched the company.
FairPlum will use a network of cloud kitchens to run a mix of its own and third-party brands. It currently has 30 kitchens in Mumbai and New Delhi, according to Agarwal, who is also the company’s CEO. FairPlum distinguishes itself, according to him, by focusing on making authentic regional food available to consumers across the country by tweaking recipes to increase shelf life, hiring regional chefs to prepare these dishes, acquiring franchises of pre-established brands such as Bikanervala, and distributing through its network of cloud kitchens.
FairPlum is entering the business at a time when well-funded companies like Wow Momo Foods, Biryani By Kilo, Box8, Rebel Foods, and Curefoods are increasing their operations utilizing a range of strategies, including building in-house brands, purchasing pre-established brands, and franchising.
Street Food Karvaan, Rollz Karvaan, Kebabi Karvaan, Unmarried Kitchen, and Crafted are the five brands it has launched (which it acquired). This year, it wants to open 100 cloud kitchens, a physical experience center, and five to ten kiosks, beginning in Delhi NCR and Mumbai.
The company plans to spend half of the new funds on brand recognition and the other half on hiring talent and product development.
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