The FMCG brand will use this capital to establish a manufacturing unit and expand into newer markets
Mitra, a D2C Fast Moving Consumer Goods (FMCG) brand, has raised an undisclosed amount in a recent funding round led by Bestvantage. The start-up plans to use the capital to establish a manufacturing unit and deploy technology to strengthen its product and service capabilities.
Raman Sharma, founder of Bestvantage Investments, said, "The paradigm of consumer goods brands is evolving in India. There is an immense scope for such brands to thrive in the nation. We hope to contribute towards MITRA's overall commercial success and development through our participation in the funding round."
Abhishek Kaushik, founder of MITRA, claimed that the company had witnessed 42x growth coupled with a 68 per cent repeat rate since its inception in 2022. The D2C brand has reportedly sold over 42,000 flour packs through its network of more than 200 distributors, retailers, and online platforms.
The Gurugram-based company's product portfolio comprises 10 categories of flour, pulses, spices, dry fruits, nuts, rice, instant mixes, millet-based and ready-to-eat products in 40 variants, prepared using single-breed isolation technology to ensure the product's quality. These are sourced directly from farmers across India, choosing crops grown without chemical pesticides.
Moreover, most of these products are processed and packaged in a controlled environment with minimal moisture levels to increase the shelf life of products to six months, thereby resolving storage-related issues for its channel partners and customers.
Current manufacturing zones within cities are either densely populated, cramped or with units with limited sizes, while those outside city limits are too distant, hence unviable
Between 2019 to 2021, the company witnessed a 201 per cent surge in revenues
TMRW has achieved a revenue run rate (RRR) of 700 crore till now and is aiming to cross 1,500 crore in the next few months