Fingerlix, the fresh, ready-to-cook (RTC) food brand targeted at today’s progressive homemakers is raising $7 million from Accel Partners and Zephyr Peacock in Series B round of fundraise. After capturing a significant fresh food market share in Mumbai and Pune, Fingerlix launched its portfolio in the Delhi NCR region in August 2017. The company also expanded its product offerings by introducing Upma Mix, Biryani Mix and Puran Poli. Fingerlix will utilise the fresh capital to accelerate its growth strategy and expand into newer geographies of Bengaluru, Hyderabad & Chennai in addition to expanding its footprint within the NCR. It also plans to newly launch recipe-based offerings in several centre-of-plate categories.
Accel Partner’s participation in this round along with existing investor, Zephyr Peacock underlines the immense potential of the convenience food category, especially the RTC segment. Fingerlix plans to expand to the top 10 cities in India as well as select international markets. Fingerlix serves a wide range of products that includes batters, mixes, parathas, snacks and ready-to-eat accompaniments. With the RTC food segment emerging as a solutions brand, people can customize each dish and relish delights prepared in the state-of-the-art kitchens of Fingerlix.
Speaking on the milestone, Shripad Nadkarni, Founder Director and Shree Bharambe, Founder & CEO, Fingerlix said, “At Fingerlix, our aim is to offer fresh, tasty food with zero added preservatives. With this latest round of funding, we aim to introduce more offerings and foray into newer cities to introduce Fingerlix to a larger customer base. We are delighted to partner with Accel, one of the top VCs globally and further strengthen our association with Zephyr Peacock. We look forward to working closely with them in the areas of analytics, widening of our distribution channels and expanding our presence across high-demand geographies.”
Prayank Swaroop, Principal, Accel Partners, said, “Consumers are juggling today with less time available for cooking, lack of healthy options, tasteless frozen foods - the joy of cooking is dying! Fingerlix is trying to solve this big growing need for healthy and tasty cooking at home with ease, a vision we believe in and with a team that we think can solve it better than anyone else."
Pankaj Raina, Vice President Zephyr Peacock, added, “The past few years have witnessed a rise in demand for convenience foods led by rapid changes in consumers’ lifestyle and food preferences. However, the market for ready-to-cook fresh food remains largely untapped. Given the exciting response that Fingerlix has received in Mumbai and Pune, we believe it is well-positioned to become the market leader in this emerging segment across the country.” Zephyr Peacock makes private equity investments targeting India's fast-growing small and medium market segments. By virtue of its global network and dedicated operations team, it provides critical support to the portfolio company’s management team to help position the business for long-term growth.