The fresh food vendor raises $1.5-million fund.
Greencart Ventures Pvt Ltd, a Mumbai based e-com venture for fresh produce and gourmet food under Greencart.in, has taken USD 1.5 million (Rs 9 crore) angel from Techno Group.
The food vendors company will use the money to expand its operations and strengthen its distribution channels. It will also use these funds to augment its sourcing network besides enhancing end user experiences.
Commenting on the same, Jaydeep Mehta, Chairman, Techno Group, said, “The fresh produce market in India is estimated at USD 20 billion per annum and is currently dominated by the unorganised sector. We believe the time is perfect for a company like Greencart Ventures to capitalise upon the market conditions and capture a share of this fast growing market.”
Founded by Rajiv Tevtiya, Kiran Tevtiya and Devidas Mule, Greencart had gone live in 2013 and currently offers more than 1,500 products in over 30 categories.
Speaking on the same, Tevtiya said, “We have built a team of professionals with in-depth experience in agriculture, technology, distribution and marketing. Our management is directly associated with the agriculture sector. Their backward linkages give us a huge sourcing advantage”.