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Angel investment platform Mumbai Angels Network said it has invested in Redbasil, a technology-driven, zero-inventory marketplace for wholesale food supply for restaurants and cloud kitchens, as a part of its Seed funding round.
The round also saw the participation of SAT Industries, Plan B Capital, and other investors. “Redbasil was founded with a simple idea – making wholesale food supply reliable and convenient. We found that the Indian food value chain faced multiple challenges like inconsistent quality, volatile pricing, delayed deliveries, creating a major gap in the system," said Naman Dayal, Founder & CEO of Redbasil.
"Redbasil was conceptualized as a digital marketplace to address these challenges for commercial kitchen operations in India," Naman said.
According to the company's statement, The Gurugram-based startup will primarily use the capital to expand its ground operations and sales team in the Delhi NCR region and invest in engineering resources and tech infrastructure. "This funding will help us achieve our goal and reach greater heights,” Naman adds.
The platform also aims to onboard 500+ outlets and clock a monthly GMV of over Rs 1.5 crore with the funding.
Since its inception, the platform has sourced produce for over 2000 SKUs (with 5000+ in the pipeline). In addition, It has also onboarded 80+ food outlets in Delhi NCR, alongside 20 high-quality suppliers from various wholesale mandis, local traders, and branded distributors.
Redbasil claims it has generated Rs 51 lakhs in GMV in April 2022 and is currently clocking a growth of 30% month-on-month.
Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO of Mumbai Angels, said, “The skyrocketing number of restaurants and cloud kitchens in the country has fueled a need for hassle-free procurement of wholesale foods. Redbasil’s digital marketplace model has bridged the gap by enabling restaurants and cloud kitchens to source them seamlessly through its app. We are confident that the latest infusion of capital will help the platform tap into the immense potential in the market, cater to more customers, and scale the business.”
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