NEW DELHI, 26 November 2022: Food-Agri Business start-up Fresh From Farm has raised over 3.2 Cr in Seed Round led by Inflection Point Ventures. Fresh From Farm is a demand-and data-based aggregation ecosystem that recognizes retailer demand trends and buys the precise amount from farmers.
Growing and acquiring fresh produce, Fresh From Farm distributes it through an omnichannel online and physical presence while establishing a clear brand strategy.
The funds raised will assist the company in team building, inventory management, capital expenditure, Research & Development and branding.
Rohit Nagdewani, Founder, Fresh From Farm is an urban farmer and home cook and launched his hydroponic farming enterprise in 2018.
Fresh From Farm sells its products under its private label "Happy Froot" and aims to alter the dynamics of fruit and vegetable production through a targeted, data-driven predictive analysis, resulting in less food waste and better nutrition for all.
To reduce waste at the retailer level, the company assesses demand and supply patterns and works towards matching them.
Vinay Bansal, Founder & CEO, Inflection Point Ventures says, "The customers are increasingly getting aware about what they eat, where is it sourced from and its nutritional value. The farmers and retailers on the other hands deal with the supply chain challenges resulting in millions of tonnes perishables getting wasted every year. We liked Fresh From Farm's approach of leveraging tech to solve the challenges that directly impacts the three key stakeholders of the fruit and vegetables ecosystem. Their tech and the platform with predictive qualities prompted us to invest in the Company."
The total combined size of fruits and vegetable market over the next 15 years is $500 billion.
Fresh From Farm has access to over 1000 sales points for 30x growth in the next 12-15 months. The company can save up to US $14 to US $16 USD billion Fruits & Vegetables annually.
Delhi/NCR alone consumed INR 22,000 Cr worth of fruits & vegetables in 2021.
Speaking on this, founder & CEO of Fresh From Farm Rohit Nagdewani said, "Our AI based system currently has a confidence rate of 89 percent allowing us to predict the exact quantities and qualities of fruits that can be sold at particular touchpoints. This has enabled us to reduce the wastage to 2 percent to 3 percent while the industry standard is 20 percent to 22 percent. We aim to achieve a 95 percent accuracy rate over the next 18 months."
India is the second-largest producer in the world, producing about 300 million metric tonnes (MT) of fruits and vegetables each year, 40% of which is lost due to supply and demand imbalances, lengthy distribution chains, and inadequate infrastructure, among other issues.
The market is big and highly unorganized, where the margins on fruit and vegetable sales surpass US $12 billion. Fresh From Farm is attempting to disrupt this area with their demand-based aggregation platform, which focuses largely on B2B commerce and employs predictive analytics and on-the-ground customer insights to decrease waste, eliminate middlemen, and simplify the supply chain.
Through its curation process, it helps buyers procure fresh and quality fruits, delivered to their doorstep, and increases income by 13 percent.
Fresh from Farm made INR 78 lacs in FY22 and is working to improve its fruits and vegetables trade margin. They have a large market, and immense scope to optimise tech enabled output supply chain capabilities.
For Building India's first focussed brand play in fruits and vegetables, Fresh From Farm is using a proprietary AI-based approach to analyze demand-supply and create equilibrium, resulting in reducing the fruit waste at the merchant level by 15 percent to 17 percent.
In-house developed management and tracking software enable the entire goods movement to be transparent. Due to this fruit dealers can make 20% more because of their unique selling proposition.
