FreshWorld raises funds from Indian Angel Network and ex Infoscian Kris Gopalakrishnan. The company sells fruits and vegetables like street vendor using electric carts. The electric carts are equipped with a tablet, printer and communication technologies to provide receipt, inventory tracking and data analysis will be done to understand customer purchase pattern.
The company has an innovative ‘Farm to Home’ concept to distribute the food and vegetables sector with the introductions of battery operated carts for street vending.
FreshWorld has 24 custom built, battery operated rickshaws roams 12 localities in Bengaluru City and sell around 200 kilos of fruits and vegetable per cart each day. Its offline venture directly completely with online vendors like BigBasket.com and neighbourhood vendors.
The firm provides better margins to farmers with the help of technology laden push carts will make operating and selling much easier. Consumers will benefit from lower prices and fresh produce at their doorstep.
The company founded by Rajiv Rao started operations in 2014. He has immense experience of two decades in the telecom industry. Worked with telecom giants like Reliance and Tata, he conceptualised the idea while working in rural supply change management company Moksha Yug.
Kris Gopalakrishnan, co founder of Infosys with Indian Angel Network have invested an undisclosed amount in the company. After funding Kris said “FreshWorld is in line with my vision of supporting sustainable technologies in solving problems. I feel this is the next level disruption in the fruits and vegetables industry”. He further added “We expect to see a lot of growth in coming years. I hope to see more ‘Green Carts’ dotting Bengaluru and many more cities soon.”
FreshWorld founder Rajiv Rao says”We are delighted by the confidence reposed in us by Kris and IAN. This investment will enable us in expanding the business and increasing the reach and scale of FreshWorld’s retail network.”
Indian Angel Network’s Nagaraja Prakasam will join the board of FreshWorld. The funding will use to upgrade the current model of carts, strengthen their technology and foraying into organised retail store.
FreshWorld will directly compete with state run Horticultural Producer’s Co-Operative Marketing and Processing Society (HOPCOMS) which has spread in entire city of Bengaluru.
The company plans to increase their fleet of smart carts to 250 rickshaws by end on financial year 2017.