SUMMARY
Cold-pressed juice startup The Fresh Press announced an undisclosed fundraise in its Pre-Series A round from Gruhas Collective Consumer Fund
The startup is now a part of the first cohort of Gruhas Gusto- a 6-month accelerator program aimed at catalysing the growth of early-stage food companies
The brand plans to expand into Hyderabad, Bangalore, and Chennai, while also targeting key regions like Gujarat, Rajasthan, and Delhi
Cold-pressed juice startup The Fresh Press has raised an undisclosed amount in its pre-Series A funding round from Gruhas Collective Consumer Fund (GCCF), a fund floated by Zerodha cofounder Nikhil Kamath and Abhijit Pai’s VC fund Gruhas in partnership with Collective Artists Network.
With this fundraise, the Mumbai-based startup is now a part of the first cohort of Gruhas Gusto, a six-month accelerator programme aimed at boosting early stage foodtech startups, said a statement on Tuesday (April 2).
The programme is backed by Gruhas, Jubilant Bhartia and DLF family offices as well as Anthill Ventures.
The company will deploy the fresh proceeds to expand into Hyderabad, Bangalore, and Chennai, while also targeting key regions like Gujarat, Rajasthan and Delhi.
The Fresh Press was founded in 2018 by Mithil Lodha and Rahul Jain. Later, actor Dino Morea came on board as both an investor and co-founder.
The startup sells four fruit juices (mango, avocado, strawberry and fresh lime) in 350 ml bottles out of 36 stores in Mumbai, Delhi, Pune and Bhopal.
It is also available in stores of Nature’s Basket, PVR Cinemas, Carnival Cinemas, Grovel, Biz Bazaar, FreshPik, Jio World Mall and Reliance Retails.
The startup also aims to establish 1,000 quick-service restaurants across all the Indian cities.
“With the support of GCCF and Gusto Accelerators, we envision expanding our footprint nationwide, revolutionising the way people perceive and consume nutritious beverages. We anticipate that the current funding will definitely help in building a little bigger team since expansion is a major part of this fundraise. We aim to utilise it as effectively as possible and maximise results for smoother operations,” Morea said.
In the fresh juice category, the startup competes against the likes of Foodaholics, MyGreens, SapFresh and Raw Pressery, among others.
The company further said in a statement that the investment adds to the portfolio of Kamath and Pai’s GCCF. In January last year, the investors launched a INR 150 Cr fund in partnership with talent management and influencer marketing firm Collective Artists Network to invest in consumer-facing brands and products.
Earlier last month, it announced an investment in D2C innerwear brand Bummer.
“Our commitment to The Fresh Press reflects our support for the growing health consciousness among Indian consumers. As people become more mindful about what they eat, I want to support innovative homegrown entrepreneurs who are leading the charge in the health and consumer sectors. It’s time we take control of our own well-being and pay attention to our nutrition intake,” Kamath said.
