TenderCuts raises Rs 110 crore
The funding will allow TenderCuts to expand its current operations and pursue organic and inorganic growth opportunities, the company said in a statement.
Mumbai: Omnichannel meat and seafood brand TenderCuts on Monday said it has raised Rs 110 crore ($15 million) in a funding round led by Paragon Partners. The funding round also saw participation from NABVENTURES, a leading agri-food tech VC fund backed by Nabard.
The funding will allow TenderCuts to expand its current operations and pursue organic and inorganic growth opportunities, the company said in a statement.
The funds will also allow the company to invest in scaling up its supply chain and technology infrastructure to support innovation and accessibility of its products and services, it said.
TenderCuts provides freshly cut meat and seafood to customers through its neighborhood stores which cater not only to walk-in customers, but also online shoppers, driven by a fully integrated supply chain fuelled by proprietary technology. Currently, TenderCuts has 25 stores across Chennai and Hyderabad which cater to walk-in and online customers.
“This investment will pave the way for us to enter new markets and further establish our omnichannel network. We are delighted to partner with Paragon Partners and NABVENTURES and look forward to tapping into their significant experience in growing consumer businesses in the retail, agri, food & beverage, and e-commerce sectors,” TenderCuts founder and CEO Nishanth Chandran added. Paragon Partners is a mid-market PE fund founded by Siddharth Parekh and Sumeet Nindrajog.
