Fingerlix which is a ready to cook food brand has successfully raised Rs 20 crore in a series-A round of funding from Zephyr Peacock thus making the total raised amount to Rs 28 crore.
The company is based out of Mumbai is thinking of utilizing a part of the fund to improvise its product line which currently comprises of 15 different stock keeping units(SKUs) including batter for famous south Indian dishes like dosa, idli, biryanis, vada etc. It is also using the funds to increase the team size.
Fund will be utilized for customer data base expansion
Founder of Fingerlix, Shree Bharambe said, “With this latest round of fund infusion, we aim to introduce more offerings and foray into newer cities to a larger customer base”.
Services and operations are also cosidered
Some contribution will be imparted to intensify the services and operation of this Mumbai Based start-up in Mumbai, to spread it widely in Pune as well including launching its stem in Bengaluru till July.
Moreover, it keeps perspective to sprout out over 10 cities across India within next 18 months through a specific strategy that includes broadening of distribution channel as well as reinforcement of local presence at where it has high demands.
Planning to increase products variants
Whereas Shripad Nadkarni who is a founder of the company said, “Idli and dosa batter is the biggest churner for us forming a little less than 50% of our revenues. Within that, our multigrain batter is our flagship product”. They are planning to increase their product variants and include 15 new SKUs in the snacks category. These products would be seasonal and would vary from region to region.
Key driver for the business
Pankaj Rana who is a vice-president at Zephyr Peacock said in his interview, “Our view is that, while modern trade will help position them (Fingerlix) in the market, general trade will be a key driver for this business going forward. It depends on the trade partnerships you have with general trade partners and how you push your products in these stores”. Fingerlix is currently selling over 3000 packets on a daily basis.