The funds will also the company to expand its operations, invest in scaling up its supply chain and technology infrastructure to support innovation and accessibility of its products and services.
8th Feb 2021: TenderCuts, India’s only truly omnichannel meat & seafood brand today announced that they have raised INR 110 crore in a round led by Paragon Partners, a mid-market PE fund founded by Siddharth Parekh and Sumeet Nindrajog with participation from NABVENTURES, a leading agri-food tech VC fund backed by NABARD.
The funding will allow TenderCuts to expand its current operations and pursue organic and inorganic growth opportunities. The funds will also allow the company to invest in scaling up its supply chain and technology infrastructure to support innovation and accessibility of its products and services.
Founded in 2016 by Nishanth Chandran, TenderCuts is revolutionizing the way meat and seafood is sold in India. TenderCuts provides freshly cut meat and seafood to customers through their unique neighborhood stores which cater not only to walk-in customers, but also online shoppers. All of which is driven by a fully integrated supply chain fuelled by proprietary technology. Stringent focus on quality ensures that customers get the most hygienic and tastiest meat.
Currently, TenderCuts has 25 stores across Chennai and Hyderabad which cater to walk-in and online customers.
Nishanth Chandran, Founder, and CEO, TenderCuts, commented, “It is heartening to see TenderCuts become a market leader in the cities it operates in after it has managed to transform the way fresh meat and seafood is sold in these markets. It is an affirmation of the unique omnichannel and seamless supply chain model in the sector. This investment will pave the way for us to enter new markets and further establish our omnichannel network. We are delighted to partner with Paragon Partners and NABVENTURES and look forward to tapping into their significant experience in growing consumer businesses in the retail, agri, food & beverage, and e-commerce sectors.
According to Dr. G R Chintala, Chairman, NABARD, and NABVENTURES, “Our investment in TenderCuts is a testament to NABVENTURES’ commitment to give a big push to startups operating in the agri and allied space in India. We believe that TenderCuts’ omnichannel strategy gives it a clear edge over online-only/store-backed retail players”.
Alvarez & Marsal and Klaw were the commercial and financial diligence and legal advisors respectively to Paragon Partners, Acuity Law advised NABVENTURES while investment banker IndigoEdge facilitated the transaction.
Source: Business World
