Tamil Nadu based foodtech startup, Native Special Products Ltd. has raised an undisclosed amount of investment from Indian Angel Network, World’s largest network of angel investors and Madurai based Native Angels Network. The startup retails authentic traditional snacks & sweets through their online portal across India. Angel investor Mr.Nagaraja Prakasam has led this round of funding on IAN’s behalf and Mr.K.Premnath will join the board to provide strategic mentorship to the venture.
The Indian e-commerce FMCG market is estimated at USD 5 Billion out of which, the food products constitute 43% of the same. While there are plethora of food-ordering sites out there, there are very few platforms offering authentic traditional sweets. Hence, NativeSpecial with its unique concept offers traditional sweets without any preservatives or additions, with PAN India delivery service of the products sourced from various parts of Tamil Nadu including certain remotest places.
“Due to the positive response garnered during the trial execution of sale last festival season among South Indian NRIs in the US, the company senses a huge market potential among them and has already started working on tapping the same.” Commented Baskaran Veluchamy, Founder & CEO at Native Special.
The startup intends to utilize the raised funds for further upgradation of its laboratory facilities and expansion to newer markets. The portal nativespecial.com has 42+ products with 20+ vendors on board. Further, there are 7500+ registered users on portal & 6900+ orders executed as on date. While the most existing players are 'marketplace' model Nativespecial.com is 'stock-and-sale' model, targeting the migrated Population (mostly to metros), and travelers going abroad, gift givers, food lovers & corporate clients.
Mr. Nagaraja Prakasam who is an active angel investor at IAN and spearheaded NAN says “This is a great example of how the power of bigger network (IAN) and regional networks (NAN) can work together to elevate a tier III city entrepreneur to national level”
Mr. K Premnath, the lead investor from IAN, comments “Native Special caters to a very pertinent yet untapped gap in the current market through a scalable business model and effective utilisation of technology to serve fresh and authentic traditional south Indian sweets and snacks.”
Native special aims to disrupt the e-commerce FMCG market in India. Further, they plan to introduce FSSAI certifications for vendors and setting up of an exclusive warehouse in Chennai to enable a hassle free delivery model.
Mr. Anand Thangaraj, the lead investor in Native Special from Native Angels Network, says “Native Special is a unique attempt in a way that it will revive the vanishing traditional cottage sector and thereby contributing to the rural economy. Further, it has a huge market potential with its ability to deliver on Pan India basis.”