FreshMenu, a full-stack foodtech platform, would spend over Rs 20 crore on expansion and developing sub-brands after raising $7 million from Florintree Advisors, a growth stage venture capital company. Lightspeed Venture Partners, Innoven Capital, and Zodius Capital were among its prior investors.
Rashmi Daga, FreshMenu’s creator and CEO, said the company will expand its cloud kitchen units and provide additional private labels. Green Cravings, Edesia Desserts, and Donburi Asian Cuisine are among the brands in its portfolio.
Pandemic-related interruptions badly hurt the business, which saw income from operations fall to Rs 50 crore last financial year, down from Rs 104.57 crore in FY20. According to regulatory records with the Registrar of Companies, FreshMenu received 100 equity and 14,85,642 series C non-convertible preference shares from Florintree at an issue price of 336.95 per share, for a total of Rs 50 crore (RoC). After the issuance of the shares, Florintree owns 26.683 percent of FreshMenu.