GFM Retail, which operates the meat and seafood startup TenderCuts, has launched HappyChops to allow local meat shops to list their products on the platform. The marketplace, which began as a pilot project two months ago, is now present in 100 Chennai neighbourhoods. 

The company said that the emphasis will most likely be on tier II cities. So far, it has generated approximately Rs 50 crore in ARR (annual revenue run-rate), with revenues of approximately Rs 5 crore in January and approximately Rs 2.5 crore in December, the month of its launch.

The company charges a platform fee of around 8% per order, in addition to product margin from supplies made to local meat shop owners listed on the marketplace. HappyChops provides enterprise resource planning software, customer relationship management, a point of sale platform, and automated customer support to the listed shops in order to facilitate partnerships with local meat shop owners. 

HappyChops, according to Chandran, is already EBITDA (earnings before interest, tax, depreciation, and amortisation) positive. 

TenderCuts, which was founded in 2016, provides ready-to-eat and ready-to-cook products such as sausages, kebabs, shawarmas, and pickles, as well as the ability to order meat and seafood online, including eggs, and is focused on the southern India market with 50 stores in Bengaluru, Hyderabad, and Chennai.

Stride Ventures provided a debt funding round of approximately Rs 30 crore to the meat and seafood delivery platform in 2021. The proceeds were used to fund the company's plans for geographical expansion. In the same year, it raised approximately Rs 110 crore in a round led by local private equity firm Paragon Partners. Nabventures also took part in the round.