Gurgaon, India-based retail tech platform NutriTap Technologies raised USD 1.5 million in pre-Series A round on May 10, 2022. Venture Catalysts, LetsVenture, IK Capital, and Elysian Fintech led the funding for NutriTap. Meanwhile, a few marquee high-net-worth individuals (HNIs) from the retail industry also participated in the round.
Purpose of Funding for NutriTap
NutriTap will focus on ramping up in-house technology with the latest capital infusion. The startup will also look to invest in research and development segments (R&D). Meanwhile, the retail tech company aims to grow its presence across sectors and cities.
Currently, it operates more than 250 smart retail kiosks that are located across various metro cities. The startup has plans to enable smart retail across 800 locations in the next year and more than 2,500 locations across the top metro cities of India by 2024.
What the founders have to say
“In India, kiosk-based retail is now accepted as an alternate mode of retailing. To make sure that customers get the right retailing solution, you need to have the right technology to do that. At NutriTap, we are building the technology to address this alternate channel market which stands at USD 10 billion,” said Rajesh Kumar, cofounder of NutriTap.
“While traditionally, alternate, kiosk-based retail has been associated with vending machines and has been very limited to either corporate snacking or residential grocery categories, we believe that our technology has the potential to cater to the larger FMCG retail market and bring in a D2C flavour for brands across multiple categories. We have done several proof-of-concept projects in the last two years and have established a solid product-market fit through our customisable, multi-category retail tech. Through NutriTap’s retail kiosks, Brands stand to be nearest to their end customers and promote their products along with driving alternate channel retail sales,” said cofounder Priyank Tewari.
What the investors have to say
“We decided to back NutriTap by looking at the validation from their customers, brand partners, and investors. What NutriTap is building will propel them to become the category leaders in this still nascent space of unmanned, alternate retailing. We believe that they have the right team to make this happen,” said Apoorva Ranjan Sharma of Venture Catalysts.
“NutriTap was able not just to survive back to back COVID waves but also posted solid growth numbers on the back of timely pivots. We trust the capability of the founders in building a full-stack alternate retail company and executing the vision of making retail easier and accessible for customers and brands,” said Ishank Kumar, Managing Partner of IK Capital.
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