Mumbai-based Fingerlix, a ready-to-cook startup, has raised nearly Rs 14 crore in a fresh funding round, led by its existing investors, including Accel, Zephyr Peacock, Swiggy, and RB Investments. According to regulatory filings, Fingerlix allotted compulsorily convertible preference shares at Rs 501.08 per share. Following this funding round, the startup’s valuation stands at Rs 337 crore.
Fingerlix was founded in October 2015 by Shripad Nadkarni, Shree Bharambe, Abhijit Berde, and Varun Khanna. It serves pre-cooked and frozen food. It provides fresh ‘almost-ready’ food products such as batters, mixes, curries, dals, parathas and ‘fully-ready’ accompaniments to go with them.
In October 2017, Fingerlix had raised Rs 45 crore in a Series B round from new investor Accel and existing investor Zephyr. It also secured money from venture debt firm Alteria Capital Advisors. According to market estimates, the ready-to-eat and ready-to-cook food markets in India stood at $261 million in 2017 and is projected to grow at a compounded annual growth rate (CAGR) of 16 percent in the period between 2018 and 2023 to touch $647 million.
The investments are coming from existing investor Swiggy, Accel Partners, Zephyr Peacock, and RB Investments. Further, Fingerlix also appointed Swiggy co-founder and CEO Sriharsha Majety from director to nominee director.
According to a study by RedSeer Consulting, the ready-to-cook (RTC) market is segmented into non-frozen and frozen RTC products with the frozen taking a bulk share of the market at present.
With a growing presence in the top six metros, Fingerlix aims to be an integral part of the everyday tasty dining experience in Indian homes. However, the company looks to be going through a tough time considering the lack of activity on social media platforms in recent weeks.
India is seeing growth in the food and beverage industry as the market is expected to reach $46 Bn by 2020. According to “India Ready-To-Cook Market Outlook, 2021”, the total market for ready-to-cook is growing with a CAGR of 19.60% from the last five years. It is projected to reach $754.82 Mn by the end of 2022.