India: Grocery venture RuralBasket raises $5 million to scale operations
Farm-to-home grocery venture RuralBasket announced it has raised $5 million from investor Nativelead Foundation in fresh funding in order to expand its footprint across India by scaling its operations to 22 retail outlets by 2022.
The startup initiative from Tirunelveli-based Lapsina Technologies has notably begun its expansion plans in the southern state of Tamil Nadu, Economic Times reported.
“The company wants to be a one-stop-shop that offers natural products by cutting down middlemen,” Palani Rajan, CEO, RuralBasket said.
“The fundraising was encouraging and motivating for budding entrepreneurs from tier-2 cities,” said Issac Devaraj, COO, RuralBasket, adding this affects the people and farmers the start-up very closely works with.