Our Food Pvt Ltd, a Nasscom startup warehouse protégé, has raised a bridge round of funding of $200,000 led by US-based venture fund 3Lines Ventures.
While a chunk of the capital may go into buffing up its R&D apparatus, the Hyderabad-based agro startup will also be foraying into other markets soon.
“We will be utilising this fund to expand our operations in the entire Telangana region and five districts of Andhra Pradesh” says Bala Reddy, co-founder and CEO of Our Food. “We are also collaborating with food processing equipment manufacturing companies in the Netherlands and will be opening an office there,” he adds.
A full-line bulk food supplier, Our Food is a tech-driven platform that aims to add value to farmers’ produce beyond price realisation.
Operating as a sourcing partner for agricultural commodities, the startup provides fast and reliable food supply to its customers from farms directly to stores.
According to him, this greatly helps marginalised farmers by fetching them better prices and enables bulk buyers to procure consistent quality and regular supply of agricultural commodities.
Going ahead, Our Food wants to develop a network of 5,000 farmer franchises by 2023 across all the food basket.
“We are already present in Telangana and Andhra Pradesh,” says Reddy. “We are planning to expand to other markets such as Karnataka and Maharashtra in the next financial year,” he adds.