Packaged food startup Fingerlix raises $1.9 mn from returning investors

Mumbai-based Maverix Platforms, which owns and operates packaged food platform Fingerlix, has raised $1.88 million (Rs 14.3 crore) in an ongoing Series C round from four returning investors.

The round was co-led by Palo Alto, California headquartered venture capital firm Accel and Bengaluru-based private equity firm Zephyr Peacock Management India. Singapore-based venture capital firm RB Investments and online food delivery startup Bundl Technologies, which operates under brand name Swiggy, also participated in the round.

Fingerlix issued 89,807 preference shares to Accel and Zephyr Peacock each; 68,850 shares to RB Investments; and 35,898 shares to Bundl Technologies, regulatory filings with the Ministry of Corporate Affairs showed. The shares were issued at Rs 501.08 per share.

While Zephyr Peacock Management, RB Investments and Accel are one of the early investors in the company, Swiggy entered the fray in February last year when it participated in a $8.83 million Series C round, separate filings show.

Since inception, the company has raised $33.5 million, according to data from VCCEdge. Apart from the three institutional investors, Fingerlix has also raised debt funding from Alteria Capital.   

As on December 29, 2019, the company’s equity valuation stood at $21.8 million (around Rs 167 crore), according to a valuation report compiled by an independent valuer.   

Founded in 2015 by Srikrishna Bharambe, Sripad Nadkarni, Varun Khanna and Abhijit Berde, the company offers ready-to-eat food from cuisines such as south Indian and Italian under its brands Canteen Central, Meal Studio and Biryani Journey. It competes with other packaged food product makers such as MTR, CallaMeal, Sattviko, Nestle India and Haldiram’s.