Other participating investors included SOSV, Blume Founders Fund, and notable angel investors, including Xander Group founder Sid Yog and Nexus Venture Partners co-founder Sandeep Singhal.
Living Food, India’s fastest-growing 1P platform focused on fresh food, announced today the closing of a US$7.5 million Series A fundraise led by Amasia, a thesis-driven global venture capital firm investing in sustainability via behaviour change. Other participating investors included SOSV, Blume Founders Fund, and notable angel investors, including Xander Group founder Sid Yog and Nexus Venture Partners co-founder Sandeep Singhal.
Focused on delivering “insanely fresh,” locally-sourced, and high-quality produce to consumers within the day of harvest or production, Living Food started off in 2018 as a vertical climate control hydroponic farm in the founder’s Bangalore apartment, selling farm-to-table subscriptions. Since then, the company has expanded to include over 700 SKUs in 24 categories, such as seasonal fruits, leafy greens, fresh bread, artisanal chocolates, spreads and sauces, cold-pressed oil, and many more in Bangalore and offers a selection of products also for nationwide delivery. The company plans to expand to Mumbai in early 2022 and to more markets later in the year. With the new round of funding, the company will expand the team, improve logistics and tech offerings, and launch new brands.
The number of orders coming through Living Food’s platform has increased 10 times in the past year, while maintaining a net promoter score (NPS) of 93. Living Food currently fulfils 99 percent of its deliveries in under 24 hours, with 80 percent of orders delivered within six hours. Quality and safety is ensured by partnering with the finest local farmers, bakers, brewers, and other food artisans using environmentally sustainable practices. Living Food’s partners include the world’s finest tea garden Makaibari selling their latest harvest and award-winning Araku Coffee offering freshly ground coffee. Living Food also recently launched a cloud kitchen where dishes are prepared from fresh products sold on its platform.
“We found plenty of opportunities to grow while remaining focused only on Bangalore. This funding round is a testament to our relentless focus on transforming our consumers’ eating behaviours. We did it by providing access to a vast selection of fresh, clean, and credible food through our fast and innovative fresh food supply chain. Living Food will continue to work towards providing locally-sourced healthy food that is good for the people and right for planet earth,” said Akash Sajith, Founder and CEO of Living Food.
According to India’s health minister, food-borne diseases are a growing concern in India, currently costing US$15 billion annually and the number of cases expected to increase up to 177 million annually by 2030. The health of the Indian population is heavily vulnerable to contaminated food, with unsafe food and water being the biggest cause of preventable infection. The Indian government has recently launched initiatives such as ‘Eat Right India’ in an effort to transform the country’s food ecosystem.
Amasia’s investment in Living Food aligns closely with its investment thesis on behaviour change for a more sustainable planet. Some of Amasia’s investments globally include Skillshare, Tokopedia, Dialpad and Xendit. “We’re excited to support Living Food in the next chapter of their journey. We are impressed with the team’s ability and determination, which were all part of what made the company so attractive to us as an investment,” said John Kim, Managing Partner at Amasia, who also led Living Food’s seed round in 2020.
Source: Business World