Gurgaon-based retail tech start-up NutriTap Technologies raised ₹ 100 million in a pre-series funding round that saw the participation of several well-known investors, including Venture Catalyst, LetsVenture, IK Capital and Alicia Fintech. Valuable person from retail industry.
Founded in 2018 by IIT Kharagpur alumni Rajesh Kumar and Priyank Tewari, NutriTap creates alternative retail channels – through smart retail kiosks – to direct brands to direct-customer (D2C) retail. Currently, NutriTap operates more than 250 smart retail kiosks located across various metro cities.
“In India, kiosk-based retailers are beginning to be adopted as an alternative mode. To ensure that customers get the right retailer solution, you need to have the right technology to do it, ”says Kumar.
“At NutriTap, we’re building technology to address this alternative channel market, which includes $ 10 billion in factories, residential apartments, hostels, co-working spaces and more,” he added.
The funds raised in the round will be used to ramp up the enterprise’s in-house technology, invest in research and development, and increase its presence in sectors and cities.
“Although traditionally, alternatives were associated with kiosk-based retail vending machines and were very limited in the corporate snacking or residential grocery segment, we believe that our technology is able to meet and bring in the larger FMCG retail market. D2C flavors for brands across multiple categories, ”said co-founder Tewari.
The start-up aims to enable smart retail in 800 locations in the next one year and more than 2,500 locations across India’s top metro cities in the next two years.