14 August 2018, India:
B2B Agricultural Startup Our Foods has raised $200,000 in bridge funding. The funding round was led by Venture fund 3Line Ventures.
The startup will use the fresh capital for expanding its presence to other States like Maharashtra and Karnataka.
“The food processing industry is plagued by huge working capital costs. Centralised processing mills are not able to achieve profits because of procurement of raw materials through aggregators, seasonal fluctuations and high transportation costs from the farm to miller through middlemen in the system. By giving the processing capacity to farmers, we can reduce the transportation and operational costs, and the processed material can be directly connected to bulk buyers to get better prices for farmers,” said Bala Reddy, Co-founder and Chief Executive Officer, Our Food.
The startup wants to develop a network of 5,000 farmer franchises by 2023 across all the food basket.
Our Fooods was founded by Bala Reddy, Raghu Prasad Mulukoju and Shashikanth Menchu. It enables bulk buyers to procure consistent quality and regular supply of agricultural commodities. It procure from the farmers, pre-process at the farm level and sell market ready commodities to bulk buyers.