Mumbai Angels and others invest INR 2.5 Cr in Redbasil

 

Mumbai Angels and others invest INR 2.5 Cr in Redbasil

Funds will be utilised to expand operations and its sales team in Delhi NCR, invest in engineering resources, tech infrastructure, and onboard 500+ outlets   10th May 2022: Mumbai Angels, a premium platform for private investments, has invested in Redbasil, a tech-driven, zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, as a part of its Seed funding. The round also saw the participation of SAT Industries, Plan B Capital and other investors. Redbasil will primarily use the capital to expand its ground operations and sales team in the Delhi NCR region and invest in engineering resources and tech infrastructure. The platform also aims to onboard 500+ outlets and clock a monthly GMV of over INR 1.5 Cr with the funding.

Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels said, “The skyrocketing number of restaurants and cloud kitchens in the country has fueled a need for hassle-free procurement of wholesale foods. Redbasil’s digital marketplace model has bridged the gap by enabling restaurants and cloud kitchens to source them seamlessly through its app. We are confident that the latest infusion of capital will help the platform tap into the immense potential in the market, cater to more customers, and scale the business.”

“Redbasil was founded with a simple idea – making wholesale food supply reliable and convenient. We found that the Indian food value chain faced multiple challenges like inconsistent quality, volatile pricing, delayed deliveries, creating a major gap in the system. Redbasil was conceptualized as a digital marketplace to address these challenges for commercial kitchen operations in India. We have received an incredible response from our customers. We’re delighted to be backed by marquee investors in our journey of building a robust ecosystem in the food value chain for restaurants and cloud kitchens. This funding will help us achieve our goal and reach greater heights,” added Naman Dayal, Founder and CEO of Redbasil

Since its inception, the platform has sourced produce for over 2000 SKUs (with 5000+ in the pipeline). Redbasil has also onboarded 80+ food outlets in Delhi NCR, alongside 20 high-quality suppliers from various wholesale mandis, local traders and branded distributors. Having generated INR 51 lakhs in GMV in April 2022, Redbasil is currently clocking a growth of 30% month-on-month.

About Mumbai Angels Started in 2006, Mumbai Angels Network is India’s premier platform for private investments. Mumbai Angels today has 200+ companies in its portfolio across sectors and cities in India. Of the overall portfolio, the platform has exited/ secured the next round of funding for 100+ of them. Today the platform has 700+ investors spread across 60+ cities across the globe.