A Venture debt firm Alteria Capital Advisors LLP has made an announcement that the company has invested in ready-to-cook food startup Fingerlix in its maiden deal.
Fingerlix is getting a whopping amount of Rs 8.5 crore ($1.3 million) from Alteria. The capital comes from Alteria’s maiden fund, which received a regulatory nod in October and marked its first close earlier this month at Rs 356 crore.
Both these companies will be using the funds to increase production capacity, expand product suite and grow into newer markets.
Fingerlix, which is operated by Maverix Platforms Pvt. Ltd, was founded by Shrikrishna Bharambe, Shripad Nadkarni, Varun Khanna and Abhijit Berde in 2015. It offers ready-to-cook products such as batters, mixes, curries, dals, parathas and fully ready accompaniments. It also allows clients customise dishes to their taste.
As per VCCEdge, the data research platform of VCCircle, the startup had received funds worth Rs 7.5 crore in 2016. And in the following year in April, it secured Rs 19.5 crore from private equity firm Zephyr Peacock India in a Series A round. While in October 2017, the startup company raised Rs 45 crore in a Series B round from new investor Accel Partners and existing investor Zephyr.
“Fingerlix is a rapidly growing business with strong fundamentals and a fantastic team… (which) has ensured that the foundation is well-established,” said Vinod Murali, co-founder and managing partner at Alteria Capital.
Fingerlix is one of the numerous companies that make ready-to-cook or ready-to-eat food. The company have received several investors’ attention lately, as demand for such products is on the rise due to a busier consumer lifestyle and rising income levels.
Recent deals in the segment include Morgan Stanley Private Equity Asia investing Rs 152 crore in Southern Health Foods, which markets its ready-to-cook products under the brand Manna Foods, in January.