Agritech startup Our Food raises $6 million in fresh round of funding
- ByTejika Bajaj | January 28, 2022
Agritech startup Our Food has recently announced that it has raised a consolidated sum of $6 million in a fresh round of funding led by existing investor 3Lines Venture Capital as well as a new investor C4D Asia Fund. Following this round of funding, the Indian chairman of 3Lines, Lalit Jalan, will join Our Food’s board of directors.
The company officials have pointed out that the recently induced capital will be utilised towards ramping up operations as well as increasing the manufacturing capabilities and capacities of the company. Furthermore, the startup also intends to improve India’s agricultural food supply chain which observes more than $5 billion post-harvest wastage.
Talking about the recent round of fundraise, the founder and CEO of Our Food, Bala Reddy said, “To bring food processing closer to the farm is the mission Our Food team has worked on tirelessly over the past five years and has fine-tuned the business model to develop innovative ideas in manufacturing, food processing operations, financing, and B2B/B2C sales. This capital infusion will help us boost our capacity to over 6,000 operational franchises, give us the right ammunition to significantly disrupt the food processing industry and position us for an IPO in 2024.”
“Our Food value proposition is a triple play for the rural youth who operate franchises, for farmers who can increase their income through direct supply, and for the business buyers who can offer higher quality to their consumers,” said Jalan. “Our Food has seen growth of over 100x in its decentralised processing over the past two years, signalling a disruptive trend in mini food processing,” Lalit Jalan, Chairman, 3Lines Venture Capital India added.
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