Freshworld, a startup venturing into the organized Fruits & Vegatables (FnV) retail industry, has raised funding led by Indian Angel Network and Kris Gopalakrishnan.
The company has built an innovative ‘Farm to Home’ concept to disrupt the FnV sector by introducing battery operated carts for street vending.
The FnV industry in India is worth an estimated $72 bn which makes up a massive 15.3% of the retail industry. The organized FnV sector however is estimated to be worth just $26bn, but has the potential to grow four fold by 2020.
The firm can provide better margins to farmers, while the technology laden push carts will make operating and selling a lot easier. Consumers on the other hand will benefit from lower prices and fresh fruits and vegetables right at their doorstep.
“Freshworld is in line with my vision of supporting sustainable technologies in solving problems. I feel this is the next-level disruption in the F&V industry and we expect to see a lot of growth in coming years,” said Kris Gopalkrishnan, Co-founder of Infosys and investor in Freshworld.