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D2C FMCG startup Mitra raises Rs 11 crore in pre-Series A round led by Bestvantage Investments
Category: Business News, Posted on: 12/09/2024 , Posted By: Ishika Agarwal
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Founded in 2022 by Abhishek Kaushik, Mitra focuses on producing essential goods such as rice, flour, pulses, and spices at affordable prices. Within just a year of its launch, the startup claims to have recorded Rs 14 crore in sales and has established a robust distribution network of over 300 distributors and 15,000 retailers across 14 strategic locations in India. "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," said Kaushik. The startup now aims to triple its sales to Rs 35 crore, representing a 3.5x increase year-over-year.

Direct-to-consumer (D2C) FMCG startup Mitra has raised Rs 11 crore (or approximately $1.3 million) in a pre-Series A funding round led by Bestvantage Investments and a strategic family office based in Dubai. The round also saw participation from Arjun Vaidya (founder of V3 Ventures and ex-Dr Vaidya), Ashok, Ajay Kumar, ex-COO of Pizza Hut, and Shatrughan, who were supported by strategic mentors and advisors such as Mahesh from Hyderabad. With this round of funding, Mitra will focus on expanding its new manufacturing units in Mathura and Gurugram. The Mathura facility spans over 40,000 square feet and has the capacity to produce 800 tons of flour and 300,000 liters of oil per month. These new manufacturing capabilities are seen as a pivotal move in enhancing the company’s production capacity to meet growing demand. Additionally, the startup will use the funds to reinforce its supply chain infrastructure further, as it plans to expand its reach in Tier 2 and Tier 3 cities in India, where there is often limited access to high-quality, affordable consumer products. Mitra is also exploring international opportunities, particularly in European markets. The startup is working to tap into export opportunities as part of its broader strategy to scale up operations beyond India. Notably, the startup is also preparing to participate in key government tenders, such as those from the National Agricultural Cooperative Marketing Federation of India (NAFED) and Bharat Aata.

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