Delhi-based fresh juice maker using hydraulics, MyGreens bags nearly about $1 million in the latest round of funding which was led by early-stage investment firm LetsVenture. The round also got participation from Sundeep Bhandari, ex- Chairman of the Corporate Advisory Board of Cairn India.
He is a well-renowned personality in the world of oil and gas industry and has credited with establishing several successful oil and gas ventures over the last two decades. At present, he is the director and CEO of Petrodil.
Commenting on the investment, Shanti Mohan, founder and CEO of LetsVenture, said:
The cold-pressed juice industry continues to see exponential growth and investment activity, thanks to increased consumer awareness around health and fitness. MyGreens leverages this trend and is well positioned to become a global clean label FMCG brand
The one-year-old startup was founded by Mishra and Rohan Gupta. Mishra is an IIT Delhi alumnus and IIM Calcutta alumnus and was earlier associated with the Boston Consulting Group and Monitor Deloitte.
Elaborating about the startup, Rohan, cofounder of MyGreens, said:
MyGreens is a startup that lies in a very interesting intersection of two megatrends – F&B and Health/Fitness. We started MyGreens about a year and a half back with Cold Pressed Juices, with a vision to provide world class products for the modern Indian consumer. This funding will ignite our move into mass market products with strong links to healthy living as we believe that the real advantage India offers is its large and growing middle class that aspires for a better and healthier life. We want to pioneer the clean label movement in India
The venture has already been in operation as the leading cold-pressed juice brand in the Delhi-NCR region. The company claims to have retail distribution in over 200 stores and a healthy online customer base. The company recently acquired rival JusDivine and is rapidly expanding in Mumbai.
Commenting on the startup, Ajay Relan, a lead investor in the company and founder-chairman of private equity group CX Partners, said:
The company has a solid competitive positioning versus similar companies that have been funded recently and will quickly grow in newer markets that it is exploring
MyGreens is targeting to be the largest cold pressed juice company and promotes the “clean label” F&B revolution in India by becoming India’s first international FMCG brand focused on F&B. Bringing innovation and a keen focus on profitability, the company plans to launch complimentary products targeted at the Indian masses. The company is targeting to raise funds in next round in around next 6-12 months.
The company will use the currently raised capital to launch a new series of beverages in keeping with its motto to be a ‘clean label’ fast-moving consumer goods brand by early 2018. It will also help the company in expanding its reach and enhancing their business in all over India.