TenderCuts raises $15 million in funding

Chennai: TenderCuts, an omnichannel meat and seafood supplier, has raised Rs 110 crore ($15 million) in a round led by homegrown private equity firm Paragon Partners.

Nabventures, an agritech-focused venture capital fund, also participated in this round. Nabventures is anchored by Nabard (National Bank for Agriculture and Rural Development). It has other investors as well.

The funding will allow TenderCuts, operated by GFM Retail Pvt Ltd, to expand operations and consider inorganic growth opportunities. It will also scale up its supply chain and technology infrastructure.

TenderCuts, launched in 2016, has 25 stores across Chennai and Hyderabad which cater to walk-in and online customers. The company’s core product portfolio includes fresh chicken, mutton, seafood, marinades, pickles, and eggs.

Besides, the firm also has an expansive ready-to-eat and ready-to-cook product range comprising cold cuts, sausages, kebabs, and shawarmas, etc.