New Delhi: Mitra, a direct-to-consumer startup in the fast-moving consumer goods (FMCG) space, has successfully raised Rs 11 crore in its pre-Series A funding round. The investment is led by Bestvantage Investments, a leading venture capital firm, with an additional participation from a Dubai-based strategic family office headed by Mr. Surya, who contributed Rs 5 crore.
The pre-Series A round also saw strategic investments from esteemed individuals such as Arjun Vaidya, founder of V3 Ventures and ex-Dr Vaidya, Ashok, Ajay Kumar, ex-COO of Pizza Hut, and others. This investment round was supported by strategic mentors and advisors like Mahesh from Hyderabad.
Mitra, founded in 2022, focuses on producing a wide array of food products, including flour and oil, through its state-of-the-art manufacturing facilities. The company’s factory, spread across 40,000 square feet in Mathura and Gurugram, produces more than 800 tons of flour and 3 lakh liters of oil each month, marking a significant milestone for the startup just a year after its inception.
In its inaugural year, Mitra recorded Rs 14 crore in sales and established a strong distribution network of over 300 distributors and over 15,000 retailers across 14 key locations. With the freshly secured funding, Mitra will now focus on bolstering its supply chain, exploring export opportunities in European markets, and participating in strategic government tenders like NAFED and Bharat Aata. The company aims to expand its operations with its new manufacturing unit and further penetrate the domestic market through a robust distribution network.
Mitra’s latest funding will not only solidify its position in the competitive FMCG industry but also cement its commitment to providing high-quality food products to customers across the country. With this development, the company is poised to make significant strides in the coming years and emerge as a leader in the Indian FMCG market.
With the experienced team and robust resources, the future looks bright for Mitra as it moves ahead in its path to become a household name in the Indian FMCG sector.