Food-agri startup Fresh From Farm raises over Rs 3.2 crore in funding led by Inflection Point Ventures
Growing and acquiring fresh produce, Fresh From Farm distributes it through an omnichannel online and physical presence while establishing a brand strategy. The funds raised will assist the company in team building, inventory management, capital expenditure, research & development, and branding.
“The customers are increasingly getting aware about what they eat, where is it sourced from and its nutritional value. The farmers and retailers deal with the supply chain challenges resulting in millions of tonnes of perishables getting wasted every year. We liked Fresh From Farm’s approach of leveraging tech to solve the challenges that directly impact the three key stakeholders of the fruit and vegetables ecosystem," said Vinay Bansal, founder & chief executive of Inflection Point Ventures. Bansal said he liked the tech and platform with predictive qualities prompted his firm to invest in the company.
The total combined size of the fruits and vegetable market over the next 15 years is estimated at $500 billion. Fresh From Farm has access to 1,000 sales touchpoints for 30x growth in the next 12-15 months. The company can save up to $14-16 billion worth fruits & vegetables annually. Delhi-NCR consumed Rs 22,000 crore worth of fruits & vegetables in 2021. The business can provide fresh food to that entire region in just two hours as they have built a 6,000 sq ft collecting and distribution hub in the heart of south Delhi, that helps them service the NCR.
“Our AI-based system has a confidence rate of 89% allowing us to predict the exact quantities and qualities of fruits that can be sold at particular touchpoints. This has enabled us to reduce the wastage to 2-3% while the industry standard is 20-22%. We aim to achieve a 95% accuracy rate over the next 18 months, ” said Rohit Nagdewani, founder & chief executive of Fresh Form Farm.
India is the second-largest producer of fruits and vegetables in the world, producing about 300 million metric tonnes (MT) each year, 40% of which is lost due to supply and demand imbalances, lengthy distribution chains, and inadequate infrastructure, among other issues. The market is big and highly unorganised, where the margins on fruit and vegetable sales surpass $12 billion.