Direct-to-consumer (D2C) FMCG startup Mitra has raised Rs 11 crore (or roughly $1.3 million) in a pre-Series A round. funds round led by Bestvantage Investments and a strategic family office based in Dubai.
The round also included participation from Arjun Vaidya (founder of V3 Ventures and former Dr. Vaidya), Ashok, Ajay Kumar, former COO of Pizza Hut, and Shatrughan, who were supported by mentors and strategic advisors like Mahesh from Hyderabad.
Expansion plans and new manufacturing unit
With this round of funding, Mitra will focus on expanding its new manufacturing units in Mathura and Gurugram.
The Mathura plant is spread over 40,000 sq ft and has the capacity to produce 800 tonnes of flour and 300,000 litres of oil per month. This new manufacturing facility is seen as a vital step towards enhancing the company’s production capacity and meeting the growing demand.
Additionally, the startup will use the funds to further strengthen its supply chain infrastructure as it plans to expand its reach in Tier 2 and Tier 3 cities in India, where there is often limited access to affordable, high-quality consumer products.
Plans to enter European markets
Mitra is also exploring international opportunities, particularly in European markets. The startup is working to tap into export opportunities as part of its broader strategy to expand its operations beyond India.
Notably, the startup is also gearing up to participate in key government tenders such as those of the National Agricultural Cooperative Marketing Federation of India (NAFED) and Bharat Aata.
Who are the founders?
Founded in 2022 by Abhishek Kaushik, Mitra focuses on producing essential products like rice, flour, pulses and spices at affordable prices.
In just a year since its launch, the startup claims to have clocked sales of Rs 14 crore and has established a strong distribution network of over 300 distributors and 15,000 retailers across 14 strategic locations in India.
“We are now looking to scale up production capacity with new categories and grow internationally along with the domestic market. We thank our investors for their trust and support as we embark on this exciting growth journey,” said Kaushik.
The startup is now aiming to triple its sales to Rs 35 crore, representing a 3.5-fold year-on-year increase.
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