SUMMARY
- D2C FMCG startup Mitra has secured a funding of Rs 11 crore in its Pre-Series A round.
- The round was led by Bestvantage Investments, with participation from a Dubai-based strategic family office.
- The startup plans to utilise these funds in supply chain, exploring European markets, and participating in government tenders.
The D2C FMCG startup Mitra has secured funding of Rs 11 crore ($1.3 million) in its Pre-Series A round, led by Bestvantage Investments, with participation from a Dubai-based strategic family office.
With this infusion of funds, Mitra intends to scale up its operations, beginning with the launch of its new manufacturing facility in Mathura and Gurugram.
Moreover, the startup plans to allocate these funds towards enhancing its supply chain, exploring export opportunities in European markets, and participating in significant government tenders, including those with NAFED and Bharat Aata.
Established in 2022 by Abhishek Kaushik, Mitra is a consumer brand known for offering essential products like flour, pulses, rice, and spices at competitive prices. The company boasts a distribution network of over 300 distributors and more than 15,000 retailers across 14 major locations.
Mitra is also focusing on expanding into Tier 2 and Tier 3 cities, areas where access to affordable, high-quality products is scarce.
The company reported sales of Rs 14 crore in its first year and is aiming to triple its sales to over Rs 35 crore in the current fiscal year, marking a significant growth rate of 3.5 times YoY.
“We are now eyeing to increase the production capacity with new categories and international growth along with the domestic market. We are grateful to our investors for their confidence and support as we embark on this exciting growth trajectory,” Kaushik mentioned.
The D2C market in India is home to over 190 million digital shoppers and ranks as the third-largest online shopping market globally according to Inc42.
This investment comes at a moment when D2C brands are at the peak of raising funds to expand their operations on a broader scale.
For example, agritech startup Two Brothers Organic Farms has secured an investment of Rs 58.25 crore (approximately $7 million) in a Series A funding round led by Rainmatter Capital of Zerodha’s investment arm, to support its expansion into India and the US.
Meanwhile, D2C baby food brand Bebe Burp has received an investment of Rs 8 crore in a Pre-Series A funding round from Gruhas Collective Consumer Fund in August, with plans to use the funds to grow its presence in the baby food industry.
