Freshboxx, which sells fresh produce products such as fruits and vegetables online, has raised an undisclosed amount of funding in its angel funding round.
The angel round was led by Jayant Humbarwadi, joint MD at Ashok Iron Works, along with the participation of existing investor Ravi Linganuri.
Last year, in September, the startup had raised an undisclosed amount of seed money from Ravi Linganuri. Later, the company made its first acquisition in December, picking up city-based last-mile logistics startup UrMajesty.
Rohan Kulkarni, founder of the startup, said,
Our strong network makes it possible to move the produce within 24 hours. With initial pilots, we have reduced our unsold wastage from 18% to 9% and we are confident of reducing it even further to less than 3%.
Founded in December 2015 by Rohan Kulkarni, the startup was incubated at Sandbox Startups, which is a unit of the Deshpande Foundation. The startup procures fruits and vegetables directly from farmers and supplies them to retail outlets and restaurants.
It operates in both the business-to-business and business-to-consumer segments. The company says that its proprietary supply chain technology has helped reduce costs and errors, improved speed and reduced food wastage. As per the company, it has a network of more than 10,000 farmers and claims to have clocked five-times growth in the past one year.
Lately, agro-tech startups which operates in supply chains and retail businesses, have generated considerable investor interest. Recently, Agrowave had raised an undisclosed amount of angel funding. Prior to that, in the same month, Farm Taaza also raised ₹52 crore in Series A round to expand its operations across India.