Startup Fambo raises Rs 21.55 crore to expand agri-food business

Economic Times
Economic Times
3w ago 34 views
Agritech startup Fambo secured Rs 21.55 crore in funding to enhance its operations. This investment is crucial for its nationwide expansion and technology improvement.
Startup Fambo raises Rs 21.55 crore to expand agri-food business
A What happened
Fambo, an agritech startup founded in 2022, has successfully raised Rs 21.55 crore in a funding round led by AgriSURE Fund and EV2 Ventures. The capital will be utilized for geographical expansion, diversifying its product offerings, and enhancing its technology infrastructure. Fambo specializes in supplying fresh produce and semi-processed food products to the HoReCa (Hotels, Restaurants, Cafes) sector and cloud kitchens. The company aims to tackle food accessibility challenges in India. Previously, in January, Fambo raised Rs 21 crore from EV2 Ventures and several ultra-high-net-worth individuals. With a reported revenue of Rs 20.3 crore for the fiscal year 2024-25, the startup is focused on scaling its operations nationwide and building a skilled team to support its growth.

Key insights

  • 1

    Funding for Expansion

    Fambo's new funding will facilitate its geographical and operational growth.

  • 2

    Focus on Technology

    Investment will strengthen Fambo's technology stack for better service delivery.

  • 3

    Revenue Growth

    The startup reported Rs 20.3 crore in revenue for the 2024-25 fiscal year.

Takeaways

Fambo's recent funding round marks a significant step towards its goal of expanding its agri-food business and addressing food accessibility issues in India.

Topics

Food Agriculture