Food startup Fingerlix, which delivers ready-to-cook Indian meals, has raised Rs 8.5 crore in venture debt from Alteria Capital Advisors LLP.
The raised investment will be used towards expanding production capability of the product suite and scaling up geographically.
The capital comes from Alteria’s maiden fund, which received regulatory nod in October and marked its first close earlier this month at Rs 356 crore.
“Fingerlix is a rapidly growing business with strong fundamentals and a fantastic team… (which) has ensured that the foundation is well-established,” said Vinod Murali, Co-founder and Managing Partner at Alteria Capital.
Commenting on the funds raised, Shripad Nadkarni, Founder of Fingerlix, said, “Our experience of raising Venture Debt with Alteria was not only smooth and quick but delightful! The team is amazingly responsive and knowledgeable and we are sure this is the beginning of a solid partnership.”
Founded by Shripad Nadkarni, Shree Bharambe, Abhijit Berde and Varun Khanna in 2015, the startup provides ready-to-cook food. The company claims to add no preservatives in these food products. The customers need to select the products they want to cook from its website or mobile app, then they are asked to order the same and the company sends its across with customized instructructions to cook that dish. Their products include parathas, mixes, curries, different batters, among others.
It began delivering in Mumbai and Pune, followed by the national capital region (NCR) and is currently expanding to Bengaluru, Hyderabad and Chennai.
The company has raised more than US $10 million since its inception from a plethora of investors. Fingerlix had previously raised US $7 million in a round led by Accel Partners last year. Before that they had raised over US $3 million from Zephyr Peacock.