D2C brand Floryo has raised $2 million in its pre-Series A funding round led by 3ONE4 Capital. Of this, $1.6 million was raised through equity financing, while the remaining $400,000 came in debt financing.
Vivek Gupta and Abhay Hanjura of Licious; Kunal Shal of CRED; Aman Gupta and Sameer Mehta of BoAt; Varun Alagh of Mamaearth; Rishi Vasudev of G.O.AT Brandlabs and Vijay Arisetti of MyGate also participated in the equity funding round. Meanwhile, Alteria Capital invested $400,000 in a debt financing round.
Floryo will use the funds to expand its product line, expand its geographic footprint and strengthen its branding strategies.
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Founded by Manohar Kumar, Floryo sells freshly produced Indian staples, mainly wheat flour, through its platform. It offers a variety of whole grain flours, such as functional multigrain flours, customized multigrain flours and gluten-free multigrain flours, among others. It also allows customers to customize their wheat flour.
The Brand help customers understand their dietary needs, the startup also offers online consultations from nutritionists. In addition, it has a manufacturing unit that processes and packages the core products.
Floryo claims to have more than 40 stocking units (SKUs) of freshly processed flour. Once a customer places an order, the startup claims to deliver the products to the customer within 24 hours.In the D2C segment, it faces competition from the likes of Chakkizza and Natraj Attachakki.
Manohar Kumar, Founder of Floryo, said, “At FAV Floryo, we firmly believe that freshness is a decisive indicator of quality in food, which precedes all other attributes. Additionally, when it comes to nutrition, one size does not fit all. Therefore, tailoring food to individuals based on health and dietary needs. We are committed to working on product innovation with the help of technology to revolutionize the packaged food industry.”
Nitya Agarwal, Vice President of 3ONE4, said, “We are excited to work with Manohar and his team to build Florya. Floryo’s mission to provide fresh alternatives for everyday nutritional consumption is quite exciting and we are honoured to be a partner in their journey.”
According to reports, the Indian D2C market is expected to reach the $100 billion mark by 2025.
