Hubli-based fresh produce supply chain management startup Freshboxx Ventures has raised an undisclosed amount in an angel round led by Ashok Iron Works joint managing director Jayant Humbarwadi.
Existing investor Ravi Linganuri, an entrepreneur-cum-angel investor, also participated in the round.
Owned and operated by Freshboxx Services Pvt. Ltd, the startup was launched in December 2015 by Rohan Kulkarni. It was incubated at Sandbox Startups, a unit of the Deshpande Foundation.
The company procures fruits and vegetables directly from farmers and supplies them to retail outlets and restaurants, and operates in both the business-to-business and business-to-consumer segments. Freshboxx says its proprietary supply chain technology has helped reduce costs and errors, improved speed and reduced food wastage, besides achieving reliable service levels.
“Our strong network makes it possible to move the produce within 24 hours. With initial pilots, we have reduced our unsold wastage from 18% to 9% and we are confident of reducing it even further to less than 3%,” said Kulkarni.
Freshboxx operates across Hubli, Dharwad, Belgaum, Davangere, Bengaluru and Goa.
The company claims to have a network over 10,000 farmers and have clocked five-times growth in the past one year.
In September 2016, it had raised an undisclosed amount of seed money from Linganuri, and went onto make its first acquisition in December, picking up city-based last-mile logistics startup UrMajesty.