Retail tech start-up NutriTap eyes funding, expansion
The start-up is said to have already received a 25 per cent commitment from marquee VCs and existing investors.
- Aug 20, 2022,
- Updated Aug 23, 2022 2:00 PM IST
Gurgaon-headquartered D2C retail tech start-up Nutritap Technologies is looking to enable D2C retail at 2,500 locations in India by the end of 2023 for which it is seeking $10 million in growth equity.
Nutritap Technologies, founded by IIT Kharagpur graduates Rajesh Kumar and Priyank Tewari in 2018, has scaled up from just a handful of retail vending kiosks in 2018 to 300+ kiosks in 2022.
"We see technology taking up a major role in automating retail across sectors and providing a direct-to-customer access for brands and retailers”, said co-founder and CEO Kumar.
"Personalised, direct to customer delivery of FMCG products, serving instant gratification is going to be increasingly common as retail becomes more and more hyperlocal and instant,” he adds.
Incidentally, the start-up is said to have already received a 25 per cent commitment from marquee VCs and existing investors.
Currently, the start-up is serving millions of customers annually across multiple sectors like residential apartments, hospitals, factories, airports, hostels, corporate etc in five cities of India.
Further, it enables more than three lakh digital, touchless transactions every month through its kiosks and expects this to increase by almost 10 times in the next year.
To fuel this next phase of growth, NutriTap plans to raise growth capital in the range of $10 - $12 million in the next 1-2 years.
Interestingly, NutriTap recently raised one of the highest, early-stage capital in the automated retail space.
The round of $2 million saw participation from the marquee, early-stage investors like Venture Catalysts, Lets Venture, IK Capital and a clutch of angels including Apoorva Patni (Currae Healthtech Fund & Patni Family fund), Sameer Khetarpal (MD & CEO Jubilant Foods) and Ananth Narayanan (CEO of Mensa Brands).
The start-up sells more than 200 brands in multiple categories including snacks, beverages, health & nutrition, hygiene, stationery and ready-to-eat.
Gurgaon-headquartered D2C retail tech start-up Nutritap Technologies is looking to enable D2C retail at 2,500 locations in India by the end of 2023 for which it is seeking $10 million in growth equity.
Nutritap Technologies, founded by IIT Kharagpur graduates Rajesh Kumar and Priyank Tewari in 2018, has scaled up from just a handful of retail vending kiosks in 2018 to 300+ kiosks in 2022.
"We see technology taking up a major role in automating retail across sectors and providing a direct-to-customer access for brands and retailers”, said co-founder and CEO Kumar.
"Personalised, direct to customer delivery of FMCG products, serving instant gratification is going to be increasingly common as retail becomes more and more hyperlocal and instant,” he adds.
Incidentally, the start-up is said to have already received a 25 per cent commitment from marquee VCs and existing investors.
Currently, the start-up is serving millions of customers annually across multiple sectors like residential apartments, hospitals, factories, airports, hostels, corporate etc in five cities of India.
Further, it enables more than three lakh digital, touchless transactions every month through its kiosks and expects this to increase by almost 10 times in the next year.
To fuel this next phase of growth, NutriTap plans to raise growth capital in the range of $10 - $12 million in the next 1-2 years.
Interestingly, NutriTap recently raised one of the highest, early-stage capital in the automated retail space.
The round of $2 million saw participation from the marquee, early-stage investors like Venture Catalysts, Lets Venture, IK Capital and a clutch of angels including Apoorva Patni (Currae Healthtech Fund & Patni Family fund), Sameer Khetarpal (MD & CEO Jubilant Foods) and Ananth Narayanan (CEO of Mensa Brands).
The start-up sells more than 200 brands in multiple categories including snacks, beverages, health & nutrition, hygiene, stationery and ready-to-eat.