One Suite Technologies Pvt. Limited, which runs business-to-business (B2B) food processing startup Suite42, announced on Tuesday that it has raised $4.3 million (about Rs 33 crore) seed funding co-led by Omnivore and Orios Venture Partners.
The round also saw the participation of other investors including Titan Capital, All In Capital and PointOne Capital, with angel investors like Sujeet Kumar (co-founder of Udaan) and others.
The Bengaluru-based company plans to use the new capital to onboard more talent, roll out commodity finance and drive exports.
Founded this year by Rahul Ratan, Ramakrishna Cheruku, Chethan S and Shriram S, Suite42 offers contract manufacturing solutions for food processing, serving B2B customers in the FMCG, Food and Beverage industries. the grocery store. The startup plans to work with B2B customers across e-commerce, D2C, and FMCG brands over the next year and a half.
“Our mission is to empower food manufacturers in India by leveraging technology and creating efficient and standardized processes. As a result, brands and consumers will have access to premium products and ingredients at affordable prices,” said Ratan, co-founder and CEO of Suite42.
“The sector is very disorganized with deep inefficiencies. Less than 5% of India’s agricultural production is processed, preventing the realization of benefits across value chains,” said Jinesh Shah, Managing Partner of Omnivore.
“Suite42 is building a platform to digitize the back-end of a food brand, from sourcing to packaging. The team targets a large total addressable market and manages the entire brand supply chain,” said Vinit Bhansali, Senior Vice President at Orios Venture Partners.
Founded by Jinesh Shah and Mark Kahn in 2010, Omnivore has backed over 35 startups over the past decade. Omnivore currently manages Rs 936 crore across two funds. It marked the final close of its second fund at $97 million (Rs 679 crore), surpassing the original target of $75 million in April 2019.
Founded by Rehan Yar Khan in 2013, Orios raised its first fund in August 2014, securing around 300 crore rupees (around $50 million). The first fund had invested in more than 20 startups, including online lingerie brand Pretty Secrets, beauty appointment booking app Ziffi, on-demand home services company TaskBob, the first delivery company of affordable daily meals on the internet Yumist and budget accommodation provider Zo Rooms.
In January, Orios led a $2.4 million Series A funding round on social live-streaming platform Bolo Live.