D2C brand Floryo raises $2 million in pre-series A funding led by 3one4 Capital
- ByStartupStory | August 26, 2022
Floryo, a D2C brand, has raised $2 million in a Pre-Series A investment round headed by 3One4 Capital. The first $1.6 million was raised through equity financing, with the remaining $400K coming from debt financing. The equity fundraising round was also attended by Vivek Gupta and Abhay Hanjura from Licious, Kunal Shal from CRED, Aman Gupta and Sameer Mehta from boAt, Varun Alagh from Mamaearth, Rishi Vasudev from G.O.AT Brandlabs, and Vijay Arisetti from MyGate. Alteria Capital contributed $400K to a debt financing round.
Floryo plans to use the capital to grow its product portfolio, expand geographically, and boost its brand-building strategies. ” We are thrilled to be working with Manohar and his team as they develop Floryo. ” Floryo’s objective of providing fresh options for everyday nutrition consumption is an exciting one, and we are honored to be a part of it,” said Nitya Agarwal, vice president at 3ONE4.
Floryo, founded by Manohar Kumar, provides freshly made Indian staples, notably wheat flour, on its platform. It provides a variety of whole grain flours, including beneficial multigrain flours, customized multigrain flours, and gluten-free multigrain flours. Customers can also personalize their wheat flour. The firm also provides online nutritionist consultations to help customers understand their nutritional demands. It also features a manufacturing facility that processes and packages staple products.
“At Floryo, we feel that freshness is the most important quality indicator in food, preceding all other features.” Furthermore, one size does not fit all when it comes to nutrition. As a result, meals can be customized for individuals based on their health and dietary requirements. “We are committed to working on product breakthroughs using technology to transform the packaged food business,” Kumar said.
Floryo claims to have more than 40 stock-keeping units (SKUs) of freshly processed flour on hand. Once a consumer puts in an order, the firm says that things will be delivered to the customer’s door within 24 hours. Its competitors in the D2C category include Chakkizza and Natraj Attachakki.
According to one report, the Indian D2C market is expected to reach $100 billion by 2025. Meanwhile, according to another estimate, the F&B market, a sub-sector of the D2C industry, is expected to reach $156.25 billion by 2026.
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