The pre-Series A round of funding for the FMCG direct-to-consumer startup Mitra, led by Bestvantage Investments, raised Rs 11 crore. Mr. Surya, the head of a strategic family office in Dubai, contributed Rs 5 crore to the fund.
Strategic investors including Arjun Vaidya (founder of V3 Ventures and former CEO of Dr. Vaidya), Ashok, Ajay Kumar (former COO of Pizza Hut), and Shatrughan also contributed to this round, aided by strategic mentors and advisors like Mahesh from Hyderabad.
With the money raised, Mitra will be able to expand the strength of its supply chain, look into exporting to European markets, and take part in important government tenders like NAFED and Bharat Aata. It will also concentrate on growth, beginning with its recently opened 40,000 square foot manufacturing facility in Mathura and Gurugram.
Mitra was founded in 2022 and is primarily focused on using its manufacturing facilities to produce a variety of food products, such as flour and oil. Just a year after its founding, this facility, with the ability to produce more than 800 tons of flour and 3 lakh liters of oil monthly, represents a major milestone for the business.
Mitra reported sales of Rs 14 crore in its first year of operation. The company says it has established a distribution network with more than 15,000 retailers and over 300 distributors, operating out of 14 strategic locations.
